Stablecoin payments firm dtcpay closes $25M round with SBI backing

Singapore-based stablecoin payments company Dtcpay has completed a $25 million Series A funding round after securing backing from Japanese conglomerate SBI Group. On Friday, SBI Holdings said it invested through SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund, two Singapore-based investment vehicles managed by the group. Neither SBI nor dtcpay disclosed the size of SBI’s contribution or the company’s valuation.Dtcpay said the investment completed its $25 million Series A, which began with a $10 million tranche led by Vertex Ventures Southeast Asia & India in April. Genedant Capital and existing investor Kwee Liong Tek also participated in the round. Dtcpay previously raised $16.5 million in pre-Series A funding in June 2023.The company provides infrastructure that allows businesses and individuals to accept, store and transact in stablecoins and fiat currencies. Its services include a real-time stablecoin-to-fiat conversion system, merchant payment terminals and a Visa card that lets customers spend supported stablecoins through the card network.The company holds a Major Payment Institution license from the Monetary Authority of Singapore and an Electronic Mone...