Singapore's dtcpay Secures $25 Million in Funding to Expand Stablecoin Payments

Singapore payments firm raises $25 million for expansion

Dtcpay, a company based in Singapore, has successfully finished a $25 million Series A funding round. This round of early-stage investment was completed after the firm secured backing from the Japanese financial conglomerate SBI Group.

The company plans to use the new funds to grow its network of merchants and improve its payment products. This includes updating its business portal and adding new features for regular customers.

Important funding milestones

• Total Series A funding reached $25 million.
• The round began in April with $10 million from Vertex Ventures Southeast Asia & India.
• Other investors include Genedant Capital and Kwee Liong Tek.
• The firm previously raised $16.5 million in 2023.

Strategic backing from SBI Group

SBI Holdings reported that its investment came through two Singapore-based vehicles: SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund. The Japanese group stated that this investment is part of its goal to create a digital asset corridor between Japan and Southeast Asia.

Licensed services for stablecoins and fiat

Dtcpay provides infrastructure that helps businesses and individuals use stablecoins and fiat currencies. A stablecoin is a digital currency designed to have a steady value, usually by being tied to a traditional asset like the US dollar. Fiat refers to standard government-issued money, such as the dollar or euro.

The company offers a system to convert stablecoins to fiat in real time, payment terminals for shops, and a Visa card. Dtcpay is regulated as a Major Payment Institution in Singapore and holds an Electronic Money Institution license in Luxembourg.

Missing details on valuation

While the total amount for the funding round was shared, some details remain private. Neither SBI nor dtcpay disclosed how much SBI contributed individually. The current total value of the company, known as its valuation, was also not made public.

Why this funding matters for digital payments

The investment supports the company’s ability to offer regulated payment options for digital assets. By expanding its merchant network, dtcpay aims to make it easier for businesses to accept stablecoins alongside traditional government money in both Asia and Europe.

Sources

• Cointelegraph

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