Dtcpay secures $25M Series A funding with investment from SBI Group
The stablecoin payments company dtcpay has raised $25 million in Series A financing supported by Japan's SBI Group, with plans to grow its merchant base and enhance payment offerings.
Stablecoin payments firm Dtcpay, which is headquartered in Singapore, has successfully closed a $25 million Series A financing round following an investment from Japan's SBI Group, a major financial conglomerate.
In an announcement made on Friday, SBI Holdings revealed that its investment came through two of its Singapore-domiciled investment arms: SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund, both of which are under the group's management. Details regarding the specific amount of SBI's stake or dtcpay's post-investment valuation were not made public by either SBI or dtcpay.
According to dtcpay, the investment marks the completion of its $25 million Series A funding round, which initially kicked off with a $10 million portion led by Vertex Ventures Southeast Asia & India back in April. The round also saw participation from Genedant Capital alongside returning backer Kwee Liong Tek. Prior to this round, dtcpay had successfully secured $16.5 million during its pre-Series A funding in June 2023.
The firm delivers infrastructure solutions that enable both businesses and individual users to accept, hold and conduct transactions using stablecoins as well as traditional fiat currencies. Among its offerings are a real-time conversion system that exchanges stablecoins for fiat, payment terminals designed for merchants, and a Visa-branded card that enables users to make purchases with their supported stablecoins via the card network.
The firm operates with regulatory approval, holding a Major Payment Institution license issued by the Monetary Authority of Singapore along with an Electronic Money Institution license granted in Luxembourg.
The fresh capital will be deployed to broaden dtcpay's merchant network and enhance its range of products, which includes the launch of an upgraded business portal and additional consumer-focused features, according to dtcpay. At the same time, SBI indicated that the investment aligns with its strategic objectives to build a digital asset corridor linking Japan and Southeast Asia.