SBI Group Joins dtcpay as Strategic Partner, Pushing Series A Funding to $25M
Stablecoin payments platform dtcpay based in Singapore finalizes Series A investment of $25 million
Payments firm dtcpay, headquartered in Singapore, has finalized its Series A funding round totaling $25 million, with Vertex Ventures Southeast Asia & India taking the lead position in April, and has now secured additional backing from SBI Group, a major Japanese financial services corporation.
Additional participants in the investment round included Genedant Capital alongside Kwee Liong Tek, who previously invested in the company.
According to a statement released on Friday, the capital injection demonstrates institutional investors' belief in dtcpay's mission to make stablecoin technology as effortless and widely available as conventional banking solutions.
We did not raise this round to sustain what we have built. We raised it to fundamentally change how money moves across borders.
Alice Liu, founder and CEO of dtcpay
Having positioned itself as an early mover in the stablecoin payments sector, dtcpay now offers its Visa card product that allows users to make purchases using either traditional fiat currencies or stablecoins at over 150 million merchant outlets around the globe.
Payment system for in-store and online transactions
In 2023, Cointelegraph covered dtcpay's introduction of a payment infrastructure that accepted both fiat currencies and cryptocurrencies for purchases made in physical stores and on the internet. The publication subsequently reported in 2024 that the company had discontinued its support for cryptocurrencies such as Bitcoin, choosing instead to focus exclusively on stablecoin-based transactions.
The successful closing of the Series A funding round assembles a varied consortium of investors capable of providing not only capital but also strategic knowledge and experience to accelerate the organization's expansion.
The lead investor in the initial portion of the round was Vertex Ventures Southeast Asia & India, which operates as part of Vertex Holdings, a complete subsidiary of Temasek Holdings. Vertex contributes significant knowledge in helping technology businesses achieve scale.
With operations spanning banking, securities, insurance, asset management and digital assets, SBI Group brings a comprehensive financial services background to the partnership.
Based in Singapore, Genedant Capital functions as a licensed fund management company under the Monetary Authority of Singapore's oversight, managing and advising on portfolios exceeding $2 billion in total assets.
Operating under a license from the Monetary Authority of Singapore, dtcpay additionally possesses an Electronic Money Institution license issued in Luxembourg.
The firm has received authorization to provide regulated payment services throughout the European Economic Area and maintains operational licenses and regulatory registrations in Hong Kong, Australia, the United States and Canada.