Singapore-based digital payments platform, dtcpay, has raised US$16.5 million ($22.2 million) in a pre-Series A funding round. The platform provides seamless conversions of fiat and digital currencies under a single platform by a regulated trusted provider.
The round was led by Kwee Liong Tek, chairman of luxury real estate developer Pontiac Land Group. The group owns and operates properties that include the Capella Hotel Group and Millenia Singapore, which counts Singapore’s Ritz-Carlton and Conrad hotels under its portfolio.
The funding will enable dtcpay to invest in product development, build more robust operations and infrastructure capabilities as well as expand the startup’s global presence.
“dtcpay has demonstrated remarkable growth prospects and aligns with our investment strategy" says John Tay, representing Kwee's investment vehicle. "From the moment we met with the dtcpay team, we saw their commitment to the regulated financial markets as fully licensed payments provider that could integrate well with our international portfolio of leading hospitality brands bringing them into the web3 economy.”
“It's not often you see a generational shift into a global digital economy where businesses increasingly interact with their customers online or offline with use of digital currencies." says Kanny Lee, group CEO of dtcpay. "At dtcpay, we are excited about the prospect of working with globally renowned hospitality brands to open the door to their customers for digital payments. With the support of Mr Kwee and our other investors, we are well positioned to quickly access overseas markets with reputable partners providing us strong governance.”
