Benzinga - Singapore-based fintech company, dtcpay, which specializes in bridging traditional and digital currencies through its integrated payment platform, has successfully garnered US$16.5 million (equivalent to $22.2 million) in a pre-Series A funding round.
Kwee Liong Tek, who presides as the chairman of the property development firm Pontiac Land Group, played a pivotal role in the funding round, a local news outlet reported.
Pontiac Land Group is known for its ownership and management of high-end properties, including the Capella Hotel Group and Millenia Singapore.
Notably, the latter boasts an impressive range of luxury accommodations such as Singapore’s Ritz-Carlton and Conrad hotels.
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The influx of funds is earmarked for an array of purposes, including fortifying dtcpay’s product offerings, bolstering its operational framework and infrastructure, and enhancing the company’s international footprint.
John Tay, who spoke on behalf of Kwee Liong Tek's investment entity, said, “dtcpay has demonstrated remarkable growth prospects and aligns with our investment strategy," adding, "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.”
Kanny Lee, who serves as the group CEO of dtcpay, conveyed his enthusiasm regarding the collaboration with globally acclaimed hospitality brands to facilitate digital payments for their clientele.
Lee expressed his gratitude to Kwee and other investors, emphasizing that their support places dtcpay in an advantageous position for rapid global expansion in tandem with reputable partners that uphold strong governance.
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