Singapore payment company dtcpay completed its $25 million Series A funding round, led by Vertex Ventures Southeast Asia & India in April, and now further anchored by Japanese financial conglomerate SBI Group.
The round also drew participation from Genedant Capital and existing investor Kwee Liong Tek.
The investment reflects institutional confidence in dtcpay s vision of making stablecoins as seamless and accessible as traditional financial services, it said on Friday.
“We did not raise this round to sustain what we have built. We raised it to fundamentally change how money moves across borders,” said Alice Liu, founder and CEO of dtcpay.
Dtcpay made a series of early moves in the stablecoin payments space, and now the dtcpay Visa card enables spending across both fiat and stablecoins at more than 150 million merchant locations worldwide.
Payment system for in-store and online transactions
Cointelegraph reported in 2023 that dtcpay had launched a payment system using fiat and cryptocurrencies for in-store and online payments. It followed up in 2024 by reporting that dtcpay phased out support for cryptocurrencies like Bitcoin in favor of stablecoin-only transactions.
The completion of the Series A brings together a diverse group of investors that can contribute expertise as well as funds to drive the companys growth.
Vertex Ventures Southeast Asia & India, part of Vertex Holdings, a wholly owned subsidiary of Temasek Holdings, led the initial tranche of the round. Vertex brings extensive experience scaling technology companies.
Related: Fragmented regulations limit stablecoin adoption in international finance: WTO head
SBI Group operates across banking, securities, insurance, asset management and digital assets.
Genedant Capital is a Singapore-based fund management firm licensed by the Monetary Authority of Singapore with over $2 billion in assets under management and advisory.
Dtcpay is licensed by the Monetary Authority of Singapore and also holds an Electronic Money Institution license in Luxembourg.
The company is authorized to deliver regulated payment services across the European Economic Area and also holds licenses and registrations in Hong Kong, Australia, the United States and Canada.
Magazine: 10 of the greatest unsolved crypto mysteries