Singapore-based stablecoin payments firm Dtcpay has completed a $25 million Series A funding round, securing backing from Japanese conglomerate SBI Group through two investment vehicles managed out of Singapore.
SBI Holdings said Friday it invested via SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund. Neither SBI nor Dtcpay disclosed the size of SBI's contribution or the company's valuation.
The Series A, which began with a $10 million tranche led by Vertex Ventures Southeast Asia & India in April, was also joined by Genedant Capital and existing investor Kwee Liong Tek. Dtcpay previously raised $16.5 million in pre-Series A funding in June 2023.
Dtcpay provides payment infrastructure enabling businesses and individuals to accept, store and transact in both stablecoins and fiat currencies. Its product suite includes a real-time stablecoin-to-fiat conversion system, merchant payment terminals and a Visa card that lets users 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.
The funding will support expansion of Dtcpay's merchant network and product offerings, including a revamped business portal and new consumer features. On its side, SBI said the investment advances its goal of building a digital asset corridor between Japan and Southeast Asia.
The move follows a recent strategic pivot by Dtcpay, which shifted to a stablecoin-only payments model earlier this year.
