- Financing used for product development
- Private investors only participated in the round
Singapore’s digital payment platform, Dtcpay, has raised $16.5 million in investment in a pre-series A funding round.. It is known that the main investor was Kwee Liong Tek, chairman of the board of directors of luxury real estate firm Pontiac Land Group. David Tung, Sai Choy and Jean-Marc Poullet also participated in the round.
The company announced that it plans to use the proceeds to further invest in product development, improve transaction reliability and infrastructure, and expand the global presence of dtcpay.
The startup has been in the market since 2019 and is a major payment institution (MPI) with a license. The dtcpay platform provides seamless conversion of fiat and digital currencies, allowing businesses to accept different types of payments with a quick and easy settlement process.
Canny Lee, CEO of dtcpay Group, said:
“We are excited to partner with leading global hospitality brands to open digital payments to their customers. Thanks to the support of Mr. Qui and other investors, we have excellent prospects for quick access to international markets and a solid partnership with reputable executives.”