dtcpay Announces USD16.5M in Pre-Series A Funding Round Led by Mr Kwee Liong Tek

SINGAPORE, June 21, 2023 /PRNewswire/ -- dtcpay, a Singapore-based digital payments platform, announced it has raised USD16.5M in a pre-Series A funding round. One of Singapore's most influential conglomerate family business owners, Mr Kwee Liong Tek, Chairman of Pontiac Land Group, led this round. The funding will further invest in product development, building more robust operations / infrastructure capabilities, and expanding dtcpay's global presence.

Seamless payments for 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.

Growth and Expansion

Mr Kwee Liong Tek, Chairman of Pontiac Land Group, led dtcpay's pre-Series A funding round, highlighting the promising future of digital payments. Pontiac Land Group 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 SGD10 billion across hospitality, mixed-used, commercial and residential developments spanning across Singapore, New York, Sydney and the Maldives. 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.

"dtcpay has demonstrated remarkable growth prospects and aligns with our investment strategy" says John Tay, representing Mr 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"

In 2023, the company rebranded to dtcpay and appointed Kanny Lee as Group CEO with 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." says Kanny 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 Mr. Kwee and our other investors, we are well positioned to quickly access overseas markets with reputable partners providing us strong governance"

dtcpay is a leading payment service provider headquartered in Singapore that offers reliable payment processing while transacting across both fiat and digital currencies. dtcpay 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 trusted partner for businesses entering the digital economy.

About Mr Kwee Liong Tek, 

Mr Kwee Liong Tek is the Chairman of Pontiac Land Group, a privately held luxury real estate developer, owner and operator in Singapore. The group's assets span hospitality, mixed-use, commercial and residential developments in Singapore, New York, Sydney and the Maldives, including the leading hospitality management company Capella Hotel Group as a wholly owned subsidiary. 

About dtcpay

dtcpay is a regulated payment service provider that offers reliable solutions for merchants to grow revenues with increased acceptance rates across fiat and cryptocurrency. Our client's benefit from frictionless payment experiences, whether they are interacting with our POS+ terminal in-store or via ecommerce online. dtcpay was recognized as the best cryptocurrency payment company by APAC Insider and selected for the Mastercard Start Path program

Founded in 2019 in Singapore, dtcpay is a licensed Major Payment Institution (MPI) under the Monetary Authority of Singapore (MAS) with services offered offered including Account Issuance, Domestic Money Transfer, Cross-Border Money Transfer, Merchant Acquisition, E-money Issuance and Digital Payment Token (DPT) services. 

Find out more at https://dtcpay.com/ 

LinkedIn: https://www.linkedin.com/company/dtcpay/ 

Twitter: https://twitter.com/dtc_pay

SOURCE dtcpay