- Financing is used for product development
- Only private investors took part in the round
Singapore Digital Payment Platform, Dtcpay, attracted $16.5 million investment in the pre-series A financing round. It is known that Kwee Liong Tek, chairman of the board of directors of luxury real estate firm Pontiac Land Group, became the main investor. In addition to him, David Tung, Sai Choy and Jean-Marc Poullet took part in the round.
The company announced that the funds will be used to further invest in product development, improve the reliability of operations and infrastructure, and expand the global presence of the dtcpay payment system.
The startup has been on the market since 2019 and is a major payment institution (MPI) with a license. The dtcpay platform provides seamless fiat to digital currency conversions, enabling businesses to accept multiple types of payments with a fast and easy checkout process.
Kanni Li, CEO of the dtcpay group, stated:
“We look forward to partnering with the world’s leading hospitality brands to unlock digital payments for their customers. Thanks to the support of Mr. Qui and other investors, we have excellent prospects for quick access to international markets and reliable partnerships with reputable managers.”