Singapore Payments Firm dtcpay Closes $25 Million Series A With SBI Group as Strategic Investor
Summary
- dtcpay said it completed its fundraising by raising a total of $25 million in its Series A round.
- The round included SBI Group, Vertex Ventures Southeast Asia & India, Genedant Capital and Kwee Liong Tek.
- dtcpay said it is focused on stablecoin payments and is providing regulated payment services after securing licenses in multiple countries.
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Singapore stablecoin payments company dtcpay has closed its Series A funding round after bringing in Japan's SBI Group as a strategic investor.
Cointelegraph reported on Sept. 19 that dtcpay raised a total of $25 million in the Series A round. Vertex Ventures Southeast Asia & India joined as lead investor in April, and SBI Group later came in to complete the round. Genedant Capital and existing investor Kwee Liong Tek also participated.
"This funding is not about sustaining what we have built so far, but about fundamentally changing how money moves across borders," founder and Chief Executive Officer Alice Liu said.
dtcpay has been expanding early in stablecoin payments. Through its dtcpay Visa card, users can spend both fiat currencies and stablecoins at more than 150 million merchants worldwide. In 2024, the company stopped supporting cryptocurrency payments such as Bitcoin and shifted to a stablecoin-only transaction system.
dtcpay holds a license from the Monetary Authority of Singapore. It has also secured an electronic money institution license in Luxembourg, allowing it to provide regulated payment services across the European Economic Area. The company has also completed related licensing and registrations in Hong Kong, Australia, the United States and Canada.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.