Stablecoin Payments Firm Dtcpay Secures $25M Series A Round Backed by SBI Group
Singapore-based stablecoin payments provider dtcpay has closed a $25 million Series A funding round backed by the Japanese conglomerate SBI Group. The investment aims to expand dtcpay’s merchant network and product offerings and supports SBI’s initiative to build a digital asset corridor connecting Japan and Southeast Asia.
Funding Round Details
On Friday, SBI Holdings confirmed its investment in dtcpay’s Series A round through two Singapore-based investment vehicles managed by SBI Group: SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund. Specific figures for SBI’s contribution and the company’s valuation were not disclosed.
Dtcpay’s Series A round totaled $25 million after including SBI’s backing, following an initial $10 million tranche led by Vertex Ventures Southeast Asia & India in April. Other participants included Genedant Capital and returning investor Kwee Liong Tek. Previously, dtcpay raised $16.5 million in a pre-Series A round in June 2023.
Business Overview of Dtcpay
Dtcpay offers infrastructure that enables businesses and individuals to accept, store, and transact in both stablecoins and fiat currencies.
Their services feature a real-time stablecoin-to-fiat conversion system, merchant payment terminals, and a Visa card allowing customers to spend supported stablecoins via the card network.
The company holds a Major Payment Institution license from the Monetary Authority of Singapore and an Electronic Money Institution license in Luxembourg.
Growth Plans and Strategic Importance
With the newly raised funds, dtcpay intends to expand its merchant network and enhance its product suite, including launching a revamped business portal and new consumer features.
SBI emphasized that this investment aligns with its strategy to develop a digital asset corridor between Japan and Southeast Asian countries, strengthening regional digital finance collaboration.
Why it matters
This deal is crucial for the development of stablecoin payment infrastructure in Southeast Asia and Japan. Securing a major investor like SBI Group provides dtcpay with both capital and strategic backing to scale into new markets and broaden its product offerings. For SBI, the investment supports its ambition to position Japan as a hub for digital assets and to build a regional digital asset corridor, potentially accelerating digital currency adoption in commerce and enhancing the efficiency of cross-border financial transactions.
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