dtcpay has completed a $25 million Series A on Sept. 18 after SBI Group joined the Singapore stablecoin payments company as a strategic investor alongside existing and new backers.
Summary
- dtcpay completed its $25 million Series A after SBI Group joined as a strategic investor.
- SBI invested through SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund in Singapore directly.
- Vertex Ventures Southeast Asia and India led dtcpay’s $10 million Series A tranche in March.
- MAS lists dtcpay as a Major Payment Institution authorized for six regulated payment services currently.
- dtcpay plans to use new funding for products, merchant expansion, and regulated international market growth.
dtcpay said SBI participated through SBI Ventures Asset Pte. Ltd. and the SBI-NTU-Kyobo Digital Innovation Fund, extending a funding round that began with a $10 million tranche led by Vertex Ventures Southeast Asia & India earlier in 2026.
The company did not disclose how much SBI invested, the ownership stake attached to the transaction or a new valuation. Genedant Capital and existing investor Kwee Liong Tek participated in the completed round, according to dtcpay.
dtcpay Series A grows from $10 million to $25 million
Vertex Ventures announced the initial $10 million Series A on March 17, with the capital intended for product development, infrastructure work and entry into newly licensed jurisdictions. dtcpay’s Sept. 18 announcement now puts the entire Series A at $25 million.
The two disclosed totals show another $15 million was added after the first tranche, but public materials do not allocate that amount among SBI, Genedant Capital, Kwee or any other participant. SBI Ven Capital’s current portfolio page lists dtcpay as an investment dated Sept. 18 and identifies both SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund among its investment vehicles.
Founded by Alice Liu and Band Zhao, dtcpay provides infrastructure for accepting, holding, converting and transferring stablecoins alongside fiat currencies. The company plans to spend the fresh capital on its payment products, merchant network and international operations.
Through the remaining months of 2026, dtcpay said its product roadmap includes a redesigned business portal for enterprise clients and new functions inside its consumer app. It did not give individual launch dates for those features.
Liu said the company raised the money to “fundamentally change how money moves across borders.” Chairman Band Zhao described the next stage as being “about scale,” citing infrastructure, financial-institution partnerships and regulated-market expansion among its priorities. Both statements describe management’s plans, not guaranteed business outcomes.
Singapore license covers six payment services
dtcpay operates in Singapore through Digital Treasures Center Pte. Ltd., which the Monetary Authority of Singapore currently lists as a Major Payment Institution. MAS records show authorization for account issuance, domestic money transfers, cross-border money transfers, merchant acquisition, e-money issuance and digital payment token services.
The regulatory record independently confirms the Major Payment Institution status cited in dtcpay’s funding announcement. MAS states that major payment institutions face requirements beyond those applied to standard payment institutions because they can operate above specified transaction or stored-value thresholds.
In Europe, dtcpay says its Luxembourg subsidiary holds an Electronic Money Institution license. A Bank of Lithuania regulatory register identifies dtcpay Luxembourg S.A. as an EU electronic money institution permitted to provide services in Lithuania without establishing a branch, while CSSF rules require Luxembourg entities issuing electronic money or providing covered payment services to hold written authorization.
Vertex’s March funding announcement said the Luxembourg EMI authorization was intended to support regulated services across the European Economic Area. The funding release separately said dtcpay maintains licenses or registrations in Hong Kong, Australia, the U.S. and Canada, though the exact permissions differ by jurisdiction.
Singapore’s own stablecoin rules remain under development. As reported in recent Singapore stablecoin regulation coverage, MAS proposed Payment Services Act changes this month covering stablecoin issuers, reserve requirements and foreign-issued tokens. dtcpay’s payment-services license should not be treated as evidence that every stablecoin processed through its platform carries an MAS-regulated stablecoin designation.
SBI adds another stablecoin payments investment
SBI’s dtcpay investment comes as the Japanese financial group builds several businesses around blockchain settlement and digital payments.
In June, SBI Remit partnered with Fasset on stablecoin infrastructure for international remittances and payment services. As SBI Remit stablecoin infrastructure coverage previously reported, the companies said the work could extend into wallets, cards and settlement products across international corridors.
A month later, SBI Holdings reached an agreement with the Solana Foundation covering stablecoins, tokenized assets and payments in Japan and other Asian markets. SBI and Solana partnership coverage reported that the planned work includes cross-border payments and institutional onchain services, though separate regulatory approvals may be required for individual products.
SBI’s new dtcpay investment does not come with a publicly announced joint product or launch timetable. Eiichiro So, CEO of SBI Ven Capital, described the transaction as the start of a strategic partnership and said SBI wants to develop digital-asset links between Japan and Southeast Asia.
Neither dtcpay nor SBI disclosed whether their partnership will lead to a Japan-specific stablecoin payment product, an SBI-branded card or a dedicated settlement corridor.
dtcpay already connects stablecoins to retail payments
Before closing the Series A, dtcpay had built merchant and card integrations around stablecoin spending.
WalletConnect confirmed in October 2025 that dtcpay became its first Major Payment Institution partner for point-of-sale payments. WalletConnect said its network supported more than 700 wallets, allowing compatible users to connect existing wallets to merchant checkout flows.
The integration has since moved into retail deployment across Asia, according to WalletConnect. Its payment documentation says dtcpay merchants can accept assets including USDC and USDT through existing point-of-sale equipment without requiring customers to install a separate payment app.
dtcpay separately launched its Digital Treasures Visa Infinite card in February 2025. The company said the card converts supported stablecoin balances for fiat settlement when customers spend through Visa’s network. Its original release cited more than 150 million merchant locations.
Visa’s own network figures have since increased. A May 2026 Visa report put its global acceptance network above 175 million merchant points, while a September update said more than 160 stablecoin-linked card programs were operating globally during Visa’s fiscal second quarter.
As recent Visa stablecoin card coverage reported, Visa said payment volume across those programs had risen nearly 200% year over year and its stablecoin settlement activity had passed a $20 billion annualized rate. Those figures cover Visa’s global stablecoin business, not dtcpay specifically.
For physical retail, dtcpay says Singapore department-store operator Metro accepts stablecoins including USDT and USDC through its infrastructure. The company’s March 2025 case study identifies Metro Paragon as one location using the payment service.
The firm has worked with other institutional infrastructure providers as it expands. In June, BitGo Singapore agreed to provide custody and digital-asset infrastructure for dtcpay’s payment operations. As earlier BitGo and dtcpay coverage reported, the companies said the arrangement would support dtcpay’s operations and asset-security processes while it expands its payment network.
dtcpay’s funding announcement claims its real-time swap engine can settle stablecoin and fiat transactions faster and more cheaply than conventional correspondent banking. The release does not publish a transaction sample, average settlement cost or independently audited comparison supporting the phrase “at a fraction of the cost.”
The company’s current Global Pay product page says transfers can reach more than 100 countries, with supported fiat currencies including USD, SGD, GBP, EUR and HKD and stablecoins including USDT and USDC. It describes transfers as generally completing within the same day and says fees and exchange rates are displayed before transactions are confirmed.
No public valuation accompanied the $25 million Series A completion, and dtcpay did not disclose revenue, payment volume, merchant count or a timetable for a future funding round in its Sept. 18 announcement.
