Stablecoin payments firm dtcpay closes $25 million Series A with SBI Group investment
dtcpay completes $25 million Series A with SBI Group
Singapore-based stablecoin payments firm dtcpay has completed its $25 million Series A funding round, with Japan's SBI Group joining as a strategic investor, the company announced on Friday.
Stablecoins are digital currencies designed to hold a steady value, often tied to a traditional currency like the US dollar. dtcpay builds payment infrastructure that lets businesses and individuals accept, store, and transact in these digital assets.
Key deal details
- SBI Group invested through its subsidiary SBI Ventures Asset Pte Ltd and the SBI-NTU-Kyobo Digital Innovation Fund.
- Vertex Ventures Southeast Asia & India led the initial tranche of the round, announced in April. Genedant Capital and existing investor Kwee Liong Tek also participated.
- dtcpay says the new capital will help it scale its product suite and merchant network, including a revamped business portal for enterprise clients and new consumer features in its app.
Company's statement
"We did not raise this round to sustain what we have built," said Alice Liu, founder and CEO of dtcpay, in the company statement. "We raised it to fundamentally change how money moves across borders."
What the company does
Founded in 2019, dtcpay says it bridges digital assets with traditional finance. It contrasts its service with traditional cross-border transfers via SWIFT and correspondent banking, which it says are often slowed by multi-day settlement cycles and layered intermediary fees. dtcpay says it settles transactions seamlessly at a fraction of the cost.
The company has launched a digital payment token point-of-sale service that lets merchants accept stablecoin payments directly in-store. It has also partnered with Visa to offer a stablecoin-to-fiat Visa Infinite card for customers in Singapore.
What's next
"The next chapter for dtcpay is about scale," said Band Zhao, chairman of dtcpay. "We are strengthening our infrastructure, deepening partnerships with global financial institutions, and expanding into new regulated markets to make stablecoin payments as seamless and trusted as traditional payment rails."
This Series A follows dtcpay's $16.5 million pre-Series A round announced in June 2023.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.