Singapore-based fintech company dtcpay has recently secured a pre-series A funding of US$16.5 million to support its global expansion plans. The funding round was led by Route 66 Ventures, a venture capital firm based in the United States, with participation from other investors such as EDBI, Partech Partners, and SBI Investment.
dtcpay is a payment technology company that provides a range of solutions for businesses and consumers. Its flagship product is a digital wallet that allows users to make payments, transfer money, and manage their finances from their mobile devices. The company also offers payment processing services for merchants, as well as other financial products such as loans and insurance.
With the new funding, dtcpay plans to expand its operations in Southeast Asia, Japan, and the United States. The company aims to increase its user base and merchant network, as well as develop new products and services to meet the evolving needs of its customers.
According to dtcpay CEO and co-founder, Lim Ming Wang, the funding will enable the company to accelerate its growth and achieve its vision of becoming a leading fintech player in the region. “We are excited to have the support of our investors as we embark on this next phase of our journey,” he said in a statement.
The fintech industry in Singapore has been growing rapidly in recent years, driven by the government’s push to establish the city-state as a hub for innovation and technology. According to a report by Accenture, Singapore’s fintech sector attracted a record US$735 million in investments in 2019, up from US$365 million in 2018.
dtcpay is one of the many fintech companies that have benefited from this trend. The company was founded in 2018 by a team of experienced entrepreneurs and technologists with a vision to transform the way people make payments and manage their finances.
Since then, dtcpay has grown rapidly, attracting thousands of users and merchants across Southeast Asia. The company has also formed strategic partnerships with leading financial institutions and technology companies, such as Mastercard and Samsung.
With the new funding, dtcpay is well-positioned to continue its growth trajectory and expand its reach beyond the region. The company’s innovative products and services, combined with its strong partnerships and experienced team, make it a promising player in the global fintech landscape.
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- Source: Plato Data Intelligence.