PayPal Ventures and Quona Capital have co-led a $18.5 million Series A funding round in treasury operating FinTech Finmo with participation from Citi Ventures.

The funding round was oversubscribed and brings Finmo’s total funding to $27 million.

The company current offers a range of services through its treasury management platform for including managing FX risks, ensuring compliance, and excess liquidity management.

Finmo said it will use the funding to accelerate its product development, invest in AI capabilities, and expand its global reach.

"Finmo is redefining treasury operations, their innovative approach addresses critical pain points faced by businesses in today's dynamic financial landscape,” said Ashish Aggarwal, Partner at PayPal Ventures. “We are proud to support their journey as they continue to deliver transformative solutions that empower organisations globally."

Last year Citi Ventures made a strategic investment in Capstack Technologies, the developer of the "first" bank-to-bank marketplace designed to increase profitability and address asset concentration risk.

Earlier in 2024, company also took part in a £25 million Series A funding round for UK FinTech Zilo, a company specialising in asset and wealth management software.
The fundraise was co-led by Fidelity International Strategic Ventures (FISV) and Portage, with additional participation from State Street.

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