Dtcpay Raises $16.5 Million to Expand Digital Payments Service
Dtcpay, the Singaporean digital payments platform, has secured a pre-Series A fundraising round of $16.5 million. Business tycoon and Chairman of luxury real estate developer Pontiac Land Group, led the round. In addition, former McKinsey & Co. senior partners Jean Marc Poullet, Chairman Asia, BURGESS, and Tham Sai Choy, former KPMG Singapore and Asia Pacific Chairman, all participated in the round.
Dtcpay and the mission to transform digital payments market
Dtcpay, which launched in 2019, is a payment service provider that supports both traditional and digital currency transactions and provides secure payment processing. In addition to accounts issuance, it also offers services like domestic and international money transfers, merchant acquisition, e-money issuance, and digital payment tokens. The company says that it will put proceeds from the funding round towards new product development, improved operational and infrastructure capacity, and international growth initiatives.
Dtcpay has established itself as a licensed and reputable platform that offers a seamless conversion between traditional currencies and digital currencies, all on a single platform. By broadening the forms of payment they accept and streamlining the time it takes to execute transactions, merchant businesses on the platform can expand their customer bases. The company rebranded in 2023 with the intention of serving emerging web3 enterprises and expanding into new markets, including as cross-border payments.
With its robust governance provided by credible partners, the company says it is prepared to rapidly enter international markets. Customers have flocked to QR code payments due to their convenience and the increased number of payment options they provide. This gives Dtcpay a broad niche on which to focus its expansion.