Digital payment platform Dtcpay, based in Singapore, disclosed on Wednesday that it had raised $16.5 million in a pre-Series A funding round.
Kwee Liong Tek, chairman of the Pontiac Land Group, and Singapore’s conglomerate family business owners were the leaders in this round, according to a statement from Dtcpay.
David Tung, a former managing director and partner of The Carlyle Group, Jean Marc Poullet, a former senior partner of McKinsey & Co., and Tham Sai Choy, a former chairman of KPMG Singapore and Asia Pacific, are among the other investors in this funding round.
According to dtcpay, the funding will be used to increase product development, strengthen operations and infrastructure, and broaden the company’s global reach.
It should be noted that in 2023, the company underwent a rebranding and named Kanny Lee as its Chief Executive Officer in order to concentrate on market expansion objectives that target sectors like cross-border payments and provide support for emerging web3 businesses.
“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.” said Lee.
“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 Kwee and our other investors, we are well positioned to quickly access overseas markets with reputable partners providing us strong governance,” he added.
Dtcpay is a provider of payment services that enables secure transaction processing for both fiat and virtual currencies.
Alice Liu and a classmate she met while attending the National University of Singapore founded the company in 2019.
Dtcpay has developed into a partner for companies entering the digital economy as a Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS) and under its regulation.
A regulated, trusted provider, Dtcpay, offers seamless conversion of fiat and digital currencies on a single platform.
Due to the quick and simple settlement process, merchant businesses can expand their customer base by accepting more payment methods.