Dtcpay Closes $25 Million Series A Round With SBI Group Backing
Key Takeaways
- •Dtcpay completed a $25 million Series A, its largest disclosed raise to date, exceeding the $16.5 million it collected in pre-Series A funding in June 2023.
- •SBI Holdings invested through SBI Ventures Asset and the S-NTU-Kyobo Digital Innovation Fund, though the size of its contribution and Dtcpay's valuation were not disclosed.
- •The Series A opened in April with a $10 million tranche led by Vertex Ventures Southeast Asia & India, with Genedant Capital and existing investor Kwee Liong Tek also joining the round.
- •Dtcpay holds a Major Payment Institution license from the Monetary Authority of Singapore and an Electronic Money Institution license in Luxembourg, where it has launched its continental European headquarters.
- •The new funding will support expansion of Dtcpay's merchant network and product suite, including a revamped business portal and new consumer features, while SBI plans to use the investment to build a digital asset corridor between Japan and Southeast Asia.
Singapore-based stablecoin payments firm Dtcpay has completed a $25 million Series A funding round with backing from Japanese conglomerate SBI Group.
On Friday, SBI Holdings said it invested through SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund, two Singapore-based investment vehicles managed by the group, according to an announcement published by the company. Neither SBI nor Dtcpay disclosed the size of SBI's contribution or Dtcpay's valuation.
Dtcpay said the investment completed its $25 million Series A, which began in April with a $10 million tranche led by Vertex Ventures Southeast Asia & India. Genedant Capital and existing investor Kwee Liong Tek also joined the round, per a company statement. The completed round stands as Dtcpay's largest disclosed raise to date, well above the $16.5 million it collected in pre-Series A funding in June 2023.
The company provides infrastructure that allows businesses and individuals to accept, store and transact in stablecoins and fiat currencies. Its services include a real-time stablecoin-to-fiat conversion system, merchant payment terminals and a Visa card that lets customers spend supported stablecoins through the card network. Handling the conversion between digital tokens and traditional money is regulated activity, which makes the company's licensing footprint central to how it operates.
Dtcpay holds a Major Payment Institution license from the Monetary Authority of Singapore and an Electronic Money Institution license in Luxembourg, where it has also launched its continental European headquarters. The two authorizations give the firm regulated payment status in Asia and continental Europe.
The company said the new capital will support an expansion of its merchant network and product suite, including a revamped business portal and new consumer features. SBI said the investment will support its efforts to develop a digital asset corridor between Japan and Southeast Asia. How quickly the merchant network grows, when the revamped business portal and new consumer features arrive, and how the digital asset corridor between Japan and Southeast Asia takes shape are the stated milestones attached to the new capital.
Related: Crypto payment firm Dtcpay shifts to stablecoin-only payments model
