Singapore-based payment and financial services DCS Card Centre (DCS) has raised a further S$100 million ($75.15 million) in asset-backed notes, totalling up investments it has received to S$400 million ($300 million) in a round that continued from last year.
In a statement on Tuesday, DCS said the additional funds will go towards financing DCS’s receivables from retail and corporate customers using its credit facilities.
“DBS serves as the arranger for this deal, and future arrangements with more fund houses or financiers may be explored,” read the statement.
“The decision to pursue this upsize is influenced by DCS’s strategy to diversify its card products and maintain a robust product pipeline, ensuring continued growth,” it added.
The company was established in 1973 as Diners Club Singapore and was among the first institutions in the island country to provide charge cards and credit cards services. In October 2022, Diners Club Singapore was renamed to DCS Card Centre Pte Ltd with a goal to be a fintech leader providing integrated payment and financial services.
DCS said that part of its business transformation successes has been the onboarding of new scheme partners including MasterCard, UnionPay, and soon-to-be Visa.
“Following our successful business transformation in the past year, we have entered an exciting next phase of growth with a robust pipeline of product launches and innovative initiatives ahead,” said CEO of DCS Karen Low.
It was reported last December that DCS raised S$300 million ($225.46 million) in asset-backed notes secured by credit card receivables, from investors that included DBS Bank and Singapore-based investment manager First Plus Asset Management.