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dtcpay closes $25M Series A with SBI Group as strategic investor

dtcpay closes $25M Series A with SBI Group as strategic investor

Money Moves

Japan's SBI Group anchors extended round for Singapore stablecoin payments firm

September 18th, 2026: Series A completes at $25M with SBI Group joining

Overview

Updated Sep 18

Singapore-based stablecoin payments firm dtcpay closed a $25 million Series A on September 18, with Japan's SBI Group joining as a strategic investor. The round began in April with a $10 million tranche led by Vertex Ventures Southeast Asia & India, and now includes SBI Ventures Asset, the SBI-NTU-Kyobo Digital Innovation Fund, Genedant Capital, and existing investor Kwee Liong Tek.

The capital funds a rebuilt enterprise portal, new consumer app features, and merchant network expansion. SBI's participation signals a Japanese financial conglomerate betting that regulated stablecoin rails connecting Japan and Southeast Asia are a real business, not a distant vision.

Why it matters

Cross-border payments that take days through banks could settle in seconds via stablecoins, and a Japanese financial giant just bet $25 million on that future.

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Key Indicators

$25M
Total Series A
Completed September 18, 2026, with SBI Group joining as strategic investor.
$10M
Initial Series A tranche
Led by Vertex Ventures Southeast Asia & India in April 2026.
$16.5M
Pre-Series A funding
Raised in June 2023 before the current round.
2
Core regulatory licenses
MAS Major Payment Institution license in Singapore and EMI license in Luxembourg.

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People Involved

AL
Alice Liu
Founder and CEO of dtcpay
Leading dtcpay's expansion across regulated markets
BZ
Band Zhao
Group Chairman of dtcpay
Overseeing dtcpay's strategic direction and scaling
ES
Eiichiro So
Representative of SBI Ventures Asset Pte. Ltd.
Led SBI Group's investment in dtcpay
 Kwee Liong Tek
Kwee Liong Tek
Existing investor in dtcpay
Increased his commitment in the Series A

Organizations Involved

dtcpay
dtcpay
Payment Services Company
MAS-licensed Major Payment Institution

Singapore-headquartered payment services company bridging stablecoins with traditional finance.
SBI Group
SBI Group
Financial services group
Strategic investor in dtcpay

One of Japan's largest financial services groups, operating across banking, securities, insurance, asset management, and digital assets.
Vertex Ventures Southeast Asia & India
Vertex Ventures Southeast Asia & India
Venture Capital Firm
Led the initial tranche of dtcpay's Series A

Venture capital firm that is part of Vertex Holdings, a wholly owned subsidiary of Temasek Holdings.
Genedant Capital
Genedant Capital
Fund Management Firm
Participant in dtcpay's Series A

Singapore-based fund management firm licensed by the Monetary Authority of Singapore with over $2 billion in assets under management.

Timeline

June 2023 September 2026

3 events Latest: September 18th, 2026 · 2 months ago

  1. Series A completes at $25M with SBI Group joining

    Latest Funding

    SBI Group invests through SBI Ventures Asset and the SBI-NTU-Kyobo Digital Innovation Fund, completing the round.

  2. Series A opens with $10M tranche led by Vertex Ventures

    Funding

    Vertex Ventures Southeast Asia & India leads the initial tranche of dtcpay's Series A.

  3. dtcpay raises $16.5M in pre-Series A funding

    Funding

    dtcpay secures pre-Series A capital to build its stablecoin payment infrastructure.

Scenarios

1

dtcpay expands into Japan and Southeast Asia markets

Likely Resolves by Sep 18, 2027

Discussed by: SBI Group's Eiichiro So, who framed the investment as building a Japan-Southeast Asia digital asset corridor

SBI's investment is explicitly about expanding the digital asset corridor between Japan and Southeast Asia. dtcpay could use the capital to secure licenses in Japan or expand its merchant network across Southeast Asia. The company already holds licenses in Singapore, Luxembourg, Hong Kong, Australia, the US, and Canada, giving it a regulatory foundation for further expansion.

2

SBI deepens partnership, leads Series B

Possible Resolves by Sep 18, 2027

Discussed by: SBI's Eiichiro So, who called the investment 'the beginning of a strategic partnership'

SBI could increase its stake in dtcpay or lead a future funding round. The SBI-NTU-Kyobo Digital Innovation Fund was established to back early-stage digital transformation companies in Southeast Asia, and a Series B would be a natural next step if dtcpay hits its growth targets. SBI's track record of deepening investments in portfolio companies supports this scenario.

3

Competition from larger stablecoin players intensifies

Possible Resolves by Sep 18, 2027

Discussed by: Industry analysts tracking the stablecoin payments space

Circle, Stripe, or other major payment companies could launch competing regulated stablecoin products in Southeast Asia. dtcpay's regulatory-first approach and early mover advantage could be challenged by larger players with deeper pockets and broader merchant networks. The stablecoin payments space is attracting increasing attention from major financial institutions.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

May 2021

Circle's $440M raise (2021)

Circle, the company behind the USDC stablecoin, raised $440 million from Fidelity, Marshall Wace, and other investors. The round valued Circle at $4.5 billion and funded expansion of its stablecoin infrastructure.

Then

Circle used the capital to expand USDC's reach and pursue a SPAC merger that later fell through.

Now

USDC became one of the largest stablecoins, and Circle became a major player in digital dollar infrastructure.

Why this matters now

Shows how stablecoin infrastructure companies attract strategic capital from traditional finance, the same pattern dtcpay is following.

2012-2015

Ripple's early institutional backing (2012-2015)

Ripple (then OpenCoin) raised from Google Ventures, Andreessen Horowitz, and banks, building cross-border payment infrastructure on blockchain. The company signed partnerships with financial institutions for cross-border payments.

Then

Ripple signed bank partnerships and grew its network, but later faced a Securities and Exchange Commission lawsuit over its XRP token.

Now

The SEC case created regulatory uncertainty for blockchain-based cross-border payments, but Ripple's model influenced the industry.

Why this matters now

Shows both the promise and the regulatory challenges of cross-border payment startups, which dtcpay addresses through a licensing-first approach.

June 2019 - January 2022

Facebook's Libra/Diem project (2019-2022)

Facebook announced Libra, a global stablecoin, in June 2019. Regulators pushed back hard, and the project was renamed Diem in 2020. Diem was sold to Silvergate Capital in January 2022 after failing to secure regulatory approval.

Then

The project was sold to Silvergate Capital, which later shut down the Diem blockchain.

Now

The failure showed that new payment infrastructure needs regulatory buy-in from the start, not after the fact.

Why this matters now

Contrasts with dtcpay's licensing-first approach, which has secured approvals from regulators in Singapore, Luxembourg, and other markets.

Sources

(8)
+2
PR Newswire FinTech Global Stablecoin Insider CryptoCompass SBI Group Coinotag Coinpaprika Whale Factor