Global B2B payment flows run to roughly US$150 trillion a year. Buried inside that figure is a narrower “treasury opportunity” — the software and services layer that actually helps businesses manage the cash moving through those flows — worth an estimated US$233 billion, more than US$100 billion of it in Southeast Asia [3]. Payment infrastructure, specialized banking rails, and the digital workflows finance teams build on top of them have long been sold as three separate products, by three separate vendors. Finmo, founded in Singapore in late 2021 by a team of former Rapyd, PayPal, and Citibank executives, set out to sell them as one, under what it calls a “Treasury Operating System” [3]. Four years later, on September 8, the company’s own numbers started making that case for it.

The milestone

Finmo opened its new global headquarters at Suntec City in Singapore that day, with Alvin Tan — Minister of State for Foreign Affairs, Minister of State for National Development, and a board member of the Monetary Authority of Singapore — attending as Guest of Honour. The ribbon-cutting was the smaller story. TreasuryOS, Finmo’s core platform, is now processing more than US$1 billion in monthly transaction volume, and the company says it has reached that scale while staying cash-flow positive through a stretch of global expansion [1].

“Payments and treasury are two sides of the same ledger,” said co-founder and CEO David Hanna. “Yet businesses have traditionally separated the movement of money from the intelligence behind it. Bringing the two together enables smarter payments informed by a real-time understanding of cash, liquidity and the wider financial position.” He added: “We’re seeing that vision translate into real scale. Businesses now move more than US$1 billion through Finmo every month, while we remain cashflow positive as we expand globally” [1]. Headcount in Singapore has more than doubled since Finmo secured its Major Payment Institution licence there in 2023, and the new office expands local capacity by 50 percent to support hiring across product, AI strategy, commercial, finance, compliance, and financial partnerships [1].

Built in reverse

Hanna calls the approach building “in reverse”: lock down regulatory licenses first, then layer treasury and analytics tools onto that banking infrastructure, instead of shipping a product and chasing licenses to catch up [4]. It’s a slower way in. He’s said plainly that “everyone has a treasury problem,” and that direct banking connectivity matters more to him than the faster route of building purely on open banking [4]. The license count tells its own story: five global licenses in mid-2024, four full jurisdictions — Australia, New Zealand, Singapore, and the US — by early 2025, six markets by April 2026, and eleven licenses across eight markets by September: Singapore, Australia, Hong Kong, the UAE, the UK, New Zealand, Canada, and the US [2, 9, 1]. The compliance stack grew alongside it — ISO 27001, SOC 2 Type II, and PCI DSS certification now cover the business [1].

From money movement to treasury intelligence

The product itself grew in stages rather than all at once: accounts receivable, payable, and basic money movement first, FX and cash-flow management later, rather than an attempt to solve treasury end to end from day one [3]. Co-founder and CPO Akhil Nigam frames the problem finance teams face as being “data-rich but insight-poor,” stuck with spreadsheets, bank portals, and ERP systems that don’t talk to each other. His answer is a “Four Cs” framework: connect fragmented systems, control receivables and payables, command decisions with unified data, and create by acting on them [5]. MO AI is where that framework lives in the product today — a set of agents that watch a company’s cash position for patterns and are meant to push finance teams from watching passively to acting proactively, and eventually toward agents coordinating with each other directly [5, 1]. Nigam doesn’t pretend the model is cheap to run: “60 to 70% of our time is spent getting partnerships sorted,” he’s said [5]. Bank integrations, by his account, are the harder problem, and the more defensible one, compared with the software sitting on top of them.

The Series A, and what came after

Finmo’s US$18.5 million Series A closed in February 2025, co-led by Quona Capital and PayPal Ventures with participation from Citi Ventures, bringing total funding to US$27 million [6]. The round was oversubscribed [7], and both lead investors framed it around consolidation rather than feature competition: Quona’s Ganesh Rengaswamy called the platform “well-positioned to redefine how businesses manage payments, liquidity and risk,” while PayPal Ventures’ Ashish Aggarwal described Finmo as “redefining treasury operations” against a fragmented financial landscape [6].

The eighteen months since have played out almost like a checklist against that promise. Finmo added direct Visa and Mastercard acceptance for merchants in Singapore and Australia, extended real-time cash visibility to Canada (nearly 200 banks) and Europe (more than 1,570 banks and counting), integrated with Standard Chartered [5], launched on the Shopify App Store for merchants selling internationally, and rolled out Finmo Invest, a multi-currency yield product with no lock-ins built alongside partners Endowus and Syfe [8]. It also landed a spot on the Forbes Asia 100 to Watch list [9] and, in August, FinTech of the Year at the Asia FinTech Awards — an event where fellow Singapore-founded fintech StraitsX took home Fintech Partner of the Year [10]. Put those two wins side by side and they say something about where the region’s fintech attention has shifted: away from consumer apps, toward the rails and treasury layers that banks and other fintechs quietly depend on.

Beyond corporate treasury

Where Finmo is headed shows up less in another banking license and more in who is starting to build on top of it. Auptimate, a platform that helps founders, syndicate leads, and emerging fund managers set up and run Special Purpose Vehicles for angel investments and co-investment deals, has integrated Finmo’s Treasury Operating System directly into its own product [11, 12]. The problem will be familiar to anyone who has run an SPV: opening a bank account for a one-off investment vehicle could take five business days or more, banks routinely misread SPV cash flows, and a syndicate lead racing to close a hot deal had no real-time way to confirm capital had actually landed [11, 12]. Auptimate CEO Olivier Too put it plainly: “Opening accounts for investment vehicles grew increasingly challenging. Banks misunderstood SPV flows, and delays threatened our chances of securing hot deals” [11].

With Finmo’s virtual accounts and APIs built into Auptimate’s platform, setting up a new SPV now takes as little as a day instead of five or more — one vehicle got payment access in under six hours — and Auptimate estimates it now saves 50 to 100 hours a month that used to go into reconciliation and reporting [11, 12]. None of that is corporate treasury in the traditional sense. SPVs and micro-funds are how a growing share of syndicate-led and solo-GP fundraising actually gets done, and the back office behind that activity has run on the same fragmented rails as everyone else: a separate bank portal per vehicle, KYC repeated for every new entity, no consolidated view across a fund manager’s dozen-plus SPVs at once. Finmo is applying the same connect-the-fragmented-systems logic it built for corporate finance teams to capital calls, investor onboarding, and deal-by-deal cash tracking instead [11]. If that keeps working, the licenses and bank connectivity built for one kind of customer end up paying for a second one almost for free — venture syndicates and fund administrators, not just CFOs.

The harder question

US$1 billion a month is the headline number, but the harder question is whether it keeps growing faster than the cost of adding licenses, banking integrations, and geographies — which is exactly why Finmo keeps pairing its growth claims with the cash-flow-positive one. B2B treasury is still a fragmented market: banks hold the rails but not the workflow; point solutions hold the workflow but not the rails. That same fragmentation runs through fund administration and venture syndication, which is exactly the kind of adjacent market Auptimate suggests Finmo can take almost incidentally with infrastructure it already built for someone else. Finmo built its new Singapore headquarters to close the corporate version of that gap first. Whether it can keep closing both versions at the pace of the last four years is what the next set of numbers will show.

References

1. “Finmo Opens Singapore Global Headquarters as TreasuryOS Crosses US$1 Billion Monthly Transaction Volume,” Finmo Newsroom, September 8, 2026. https://www.finmo.net/resources/newsroom/finmo-opens-singapore-global-headquarters-as-treasuryos-crosses-ususd1-billion-monthly-transaction-volume
2. Paulo Joquino, “The Trillion Dollar Opportunity of Building a World-Class Global Treasury Operating System: Why We Back Finmo,” Insignia Business Review, February 18, 2025. https://review.insignia.vc/2025/02/18/finmo-thesis/
3. Paulo Joquino, “How the evolution of global payments solutions leads to Finmo: Modularized Treasury OS,” Insignia Business Review, August 7, 2024. https://review.insignia.vc/2024/08/07/finmo/
4. Paulo Joquino, “Everyone has a Treasury Problem and the Modularized ‘CFO Office’ Solution with Finmo CEO David Hanna | Call 167,” Insignia Business Review, July 31, 2024. https://review.insignia.vc/2024/07/31/call-167-david-hanna-finmo/
5. Paulo Joquino, “How Akhil Nigam, Finmo CPO and co-founder, is Redefining Treasury Management with AI and Strategic Partnerships | Call 199,” Insignia Business Review, December 2, 2025. https://review.insignia.vc/2025/12/02/finmo-akhil-nigam/
6. “Finmo Secures US$18.5 Million To Revolutionize Treasury Management,” PR Newswire, February 12, 2025. https://www.prnewswire.com/news-releases/finmo-secures-us18-5-million-to-revolutionize-treasury-management-302373086.html
7. “Deals in brief: Finmo’s Series A round hits oversubscription, Giftaway and HD raise fresh capital, latest China deals, and more,” KrASIA. https://kr-asia.com/deals-in-brief-finmos-series-a-round-hits-oversubscription-giftaway-and-hd-raise-fresh-capital-latest-china-deals-and-more
8. “Finmo September Product Updates & Milestones,” Finmo Newsroom. https://www.finmo.net/resources/newsroom/newsroom-post-4
9. Paulo Joquino, “The Edge That Compounds: What Finmo, Se’Indonesia, and Carro Have Taught Us About Backing the Bold,” Insignia Business Review, April 23, 2026. https://review.insignia.vc/2026/04/23/forbes-100-to-watch/
10. Paulo Joquino, “Infrastructure Beyond Platforms: Finmo and StraitsX Win at the Fintech Awards Asia, and What that Says About Southeast Asia’s Fintech Maturity,” Insignia Business Review, August 28, 2026. https://review.insignia.vc/2026/08/28/fintech-awards-asia-straitsx-finmo/
11. “How Auptimate Unlocked Real-Time Treasury Operations with Finmo,” Finmo Customer Stories. https://www.finmo.net/resources/customer-stories/how-auptimate-unlocked-real-time-treasury-operations-with-finmo
12. “Auptimate and Finmo: Transforming SPV Cash Management,” Auptimate Case Studies. https://auptimate.com/case-studies/auptimate-and-finmo-accelerating-spv-operations-with-integrated-treasury-solutions/