Stablecoin payments firm dtcpay closes $25 million Series A with SBI Group investment

Stablecoin payments firm dtcpay closes $25 million Series A with SBI Group investment Quick Take - SBI Group has joined Singaporean stablecoin payments firm dtcpay’s funding round, extending its Series A to $25 million. - Dtcpay said the fresh capital will enable it to scale its product suite and merchant network, including a revamped business portal for enterprise clients. Singapore-based stablecoin payments firm dtcpay has completed its $25 million Series A funding round, with Japan's SBI Group joining as a strategic investor. According to a Friday statement, SBI Group invested both through its subsidiary, SBI Ventures Asset Pte Ltd, and through the SBI-NTU-Kyobo Digital Innovation Fund. Vertex Ventures Southeast Asia & India led the initial tranche of the round announced in April. Genedant Capital and existing investor Kwee Liong Tek, a prominent business figure in Singapore, also participated in the round. The company said the fresh capital allows it to scale its product suite and merchant network, including a revamped business portal for enterprise clients and new consumer-friendly features rolled out within its dtcpay app. "We did not raise this round to sustain what we have built," Alice Liu, founder and CEO of dtcpay, said in the statement. "We raised it to fundamentally change how money moves across borders." The Series A completion came after the payments startup announced a $16.5 million pre-Series A round in June 2023. Bridging the gap Founded in 2019, dtcpay says it bridges digital assets with traditional finance through infrastructure that enables businesses and individuals to accept, store, and transact in stablecoins, according to the statement. "Where traditional cross-border transfers via SWIFT and correspondent banking networks are often slowed by multi-day settlement cycles and layered intermediary fees, dtcpay settles transactions seamlessly, at a fraction of the cost," the company said. The company launched a digital payment token point-of-sale service, which allows merchants to accept stablecoin payments directly in-store. It has also partnered with Visa to introduce a stablecoin-to-fiat Visa Infinite card for customers in Singapore. "The next chapter for dtcpay is about scale," said Band Zhao, chairman of dtcpay. "We are strengthening our infrastructure, deepening partnerships with global financial institutions, and expanding into new regulated markets to make stablecoin payments as seamless and trusted as traditional payment rails."