Stablecoin payments firm dtcpay closes $25M round with SBI backing
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Singapore-based stablecoin payments company Dtcpay has closed a $25 million Series A funding round with backing from Japanese conglomerate SBI Group. SBI Holdings invested through two Singapore-based investment vehicles: SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund. The round also included participation from Vertex Ventures Southeast Asia & India, Genedant Capital, and existing investor Kwee Liong Tek.
Why it matters
According to the source, the funding will support Dtcpay’s expansion of its merchant network and product offerings, including a new business portal and consumer features. SBI stated that its investment aligns with its goal to develop a digital asset corridor between Japan and Southeast Asia. No further market or policy impact is detailed.
Key context
Dtcpay provides infrastructure for accepting, storing, and transacting stablecoins and fiat currencies, with features such as real-time stablecoin-to-fiat conversion, merchant payment terminals, and a Visa card for spending stablecoins. The company holds a Major Payment Institution license from Singapore’s Monetary Authority and an Electronic Money Institution license in Luxembourg. The Series A funding began with a $10 million tranche led by Vertex Ventures in April 2023, following a $16.5 million pre-Series A round in June 2023.
Key numbers and entities
Dtcpay, SBI Group, SBI Holdings, SBI Ventures Asset, SBI-NTU-Kyobo Digital Innovation Fund, Vertex Ventures Southeast Asia & India, Genedant Capital, Kwee Liong Tek, $25 million Series A funding, $10 million initial tranche, $16.5 million pre-Series A funding.
What remains unclear
The exact amount of SBI Group’s contribution within the $25 million round and Dtcpay’s current company valuation were not disclosed. Specific timelines and details for the planned product expansions and new consumer features are also not provided.