SBI Group backs payments firm dtcpay in $25 million funding round
Stablecoin payments company dtcpay completed a $25 million Series A funding round with a strategic investment from Japan’s SBI Group.
Singapore-based stablecoin payments firm Dtcpay has successfully raised $25 million in a Series A funding round, with significant backing from Japanese conglomerate SBI Group. The investment enables Dtcpay to expand its merchant network and payment products, including a revamped business portal and new consumer features. SBI Holdings invested through two Singapore-based investment vehicles, SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund.
The funding round, led by Vertex Ventures Southeast Asia & India, also saw participation from Genedant Capital and existing investor Kwee Liong Tek. Dtcpay provides infrastructure for businesses and individuals to accept, store, and transact in stablecoins and fiat currencies, offering services such as a real-time stablecoin-to-fiat conversion system, merchant payment terminals, and a Visa card for spending supported stablecoins.
The company already holds a Major Payment Institution license from Singapore's Monetary Authority and an Electronic Money Institution license in Luxembourg. The investment from SBI aims to support the development of a digital asset corridor between Japan and Southeast Asia.
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