Singapore-based stablecoin payments company Dtcpay has completed a $25 million Series A funding round with backing from Japanese conglomerate SBI Group.
SBI Holdings invested through SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund, both Singapore-based investment vehicles managed by the group. The exact size of SBI's contribution and the company's valuation were not disclosed.
The Series A round began in April with a $10 million tranche led by Vertex Ventures Southeast Asia & India, with participation from Genedant Capital and existing investor Kwee Liong Tek. Dtcpay previously raised $16.5 million in pre-Series A funding in June 2023.
Services and Licensing
Dtcpay provides infrastructure for businesses and individuals to accept, store and transact in stablecoins and fiat currencies. The company's services include a real-time stablecoin-to-fiat conversion system, merchant payment terminals, and a Visa card that allows customers to spend supported stablecoins through 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.
Expansion Plans
Dtcpay said the funding would support expansion of its merchant network and product suite, including a revamped business portal and new consumer features. SBI indicated the investment would support its efforts to develop a digital asset corridor between Japan and Southeast Asia.
