Dtcpay, a Singapore-based digital payments platform, on Wednesday announced it has raised $16.5 million in a pre-Series A funding round.

Dtcpay said in a statement that Singapore’s conglomerate family business owners and Pontiac Land Group Chairman Kwee Liong Tek led this round.

The other investors in this funding round include David Tung, former Managing Director/ Partner of The Carlyle Group, Jean Marc Poullet Chairman Asia, BURGESS and ex Senior Partner, McKinsey & Co, Tham Sai Choy former KPMG Singapore and Asia Pacific Chairman.

The funding will further invest in product development, building more robust operations / infrastructure capabilities, and expanding dtcpay’s global presence, according to dtcpay.

It is noted that in 2023, the company rebranded and appointed Kanny Lee as its Chief Executive Officer to focus on market expansion goals that tap into areas such as cross-border payments and to serve nascent 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 payment service provider that offers reliable payment processing while transacting across both fiat and digital currencies.

The firm was founded in 2019 by Alice Liu and her classmate who met while studying at the National University of Singapore.

As a licensed Major Payment Institution (MPI) regulated by the Monetary Authority of Singapore (MAS), dtcpay has become a partner for businesses entering the digital economy.

Dtcpay provides seamless conversion of fiat and digital currencies in a single platform by a regulated trusted provider.

This enables merchant businesses to grow their customer base by accepting more payment types with a quick and easy settlement process.

Consumers have gravitated towards the simplicity of QR code payments, enabling more choices for their preferred payment method to be used.

Dtcpay’s vision is to streamline the payment experience making it easy for consumers to interact with digital currencies bridging the gap between traditional businesses to web3.

“Dtcpay has demonstrated remarkable growth prospects and aligns with our investment strategy,” said John Tay who represented Kwee’s investment vehicle.

“From the moment we met with the dtcpay team, we saw their commitment to the regulated financial markets as fully licensed payments provider that could integrate well with our international portfolio of leading hospitality brands bringing them into the web3 economy,” he added.

Pontiac Land is a luxury real estate developer, owner and operator of properties including Capella Hotel Group and Millenia Singapore which includes the Ritz-Carlton and Conrad Hotels in Singapore.

The group’s assets under management is in excess of SGD 10 billion ($7.44 billion) across hospitality, mixed-used, commercial and residential developments spanning across Singapore, New York, Sydney and the Maldives.

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Link to article: https://technode.global/2023/06/21/singapores-dtcpay-raises-16-5m-in-pre-series-a-funding-round-led-by-kwee-liong-tek/