Payment firm dtcpay welcomes SBI Group as strategic investor, extends Series A to $25M
Singapore-based payment company dtcpay has completed its $25 million Series A funding round, initially led by Vertex Ventures Southeast Asia & India in April and now further anchored by the Japanese financial conglomerate SBI Group. The round also saw participation from Genedant Capital and existing investor Kwee Liong Tek. This investment reflects institutional confidence in dtcpay’s vision of making stablecoins as seamless and accessible as traditional financial services.
Funding extension and strategic investors
In April 2024, dtcpay announced the completion of its $25 million Series A funding round, initially led by Vertex Ventures Southeast Asia & India, a venture capital firm under Temasek Holdings. Subsequently, the round was further backed by Japanese financial conglomerate SBI Group, which operates across banking, securities, insurance, asset management, and digital assets. Additional participants included Genedant Capital, a Singapore-based fund manager licensed by MAS with over $2 billion in assets under management, and existing investor Kwee Liong Tek.
dtcpay’s vision and objectives
Alice Liu, founder and CEO of dtcpay, stated that the capital raise was not aimed at sustaining the company’s current operations but to fundamentally transform how money moves internationally. The company focuses on integrating stablecoins into everyday payments, aiming to make them as seamless and accessible as traditional fiat currencies. This goal is demonstrated by dtcpay’s Visa card enabling spending using both fiat and stablecoins at more than 150 million merchant locations worldwide.
Development history and regulatory compliance
In 2023, dtcpay launched a payment system supporting transactions with both fiat and cryptocurrencies for in-store and online purchases. By 2024, the company shifted exclusively to stablecoin transactions, removing support for cryptocurrencies like Bitcoin. dtcpay holds a license from the Monetary Authority of Singapore and an Electronic Money Institution license in Luxembourg, allowing it to provide regulated payment services across the European Economic Area. Moreover, it maintains licenses and registrations in Hong Kong, Australia, the United States, and Canada, underscoring its global approach and regulatory compliance.
Why it matters
The extension of dtcpay’s funding round and the involvement of major institutional investors like SBI Group and Genedant Capital signify strong confidence in the company’s strategy and technology. By advancing stablecoin integration into payment systems backed by global financial licenses, dtcpay is poised to offer more accessible and regulated tools for cross-border transactions. This development could significantly impact the financial sector by accelerating mass adoption of digital currencies and fostering the growth of international payment services.
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