Singapore-based stablecoin payments company Dtcpay has completed a $25 million Series A funding round after securing 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. Neither SBI nor dtcpay disclosed the size of SBI‘s contribution or the company’s valuation.
Dtcpay said the investment completed its $25 million Series A, which began with a $10 million tranche led by Vertex Ventures Southeast Asia & India in April. Genedant Capital and existing investor Kwee Liong Tek also participated in the round. Dtcpay previously raised $16.5 million 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.
The company holds a Major Payment Institution license from the Monetary Authority of Singapore and an Electronic Money Institution license in Luxembourg.
Dtcpay said the funding would support an expansion of its merchant network and product suite, including a revamped business portal and new consumer features. Meanwhile, SBI said the investment would support its efforts to develop a digital asset corridor between Japan and Southeast Asia.