Singapore-based digital payments platform dtcpay has raised $16.5 million in a pre-Series A funding round.
Kwee Liong Tek, the chairman of luxury property developer Pontiac Land Group, led the funding round. The company plans to use the new capital to invest in product development, building infrastructure capabilities, and expanding its global presence.
David Tung, former managing director and partner at The Carlyle Group; Jean Marc Poullet, the chairman BURGESS in Asia; and Tham Sai Choy, former KPMG Singapore and Asia Pacific Chairman; participated in the funding.
“dtcpay has demonstrated remarkable growth prospects and aligns with our investment strategy,” said John Tay, the representative of Tek’s investment vehicle.
Founded in 2019, dtcpay is a regulated payment service provider and licensed Major Payment Institution (MPI) under the Monetary Authority of Singapore (MAS) which offers reliable solutions for merchants to grow revenues with increased acceptance rates across fiat and cryptocurrency.
In 2023, the company rebranded to dtcpay from Digital Treasures Center and appointed Kanny Lee as Group CEO with market expansion goals that tap into areas such as cross-border payments and nascent Web3 businesses.
Tek’s 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.