DIGITAL payments startup dtcpay has raised US$16.5 million in pre-Series A funding in a round led by Pontiac Land chairman Kwee Liong Tek.

It will use the funds for product development, bolstering its operations and infrastructure capability, and expanding its global presence. 

Other investors that took part in the funding round include David Tung, former managing director and partner of The Carlyle Group, Burgess Asia chairman Jean-Marc Poullet and former KPMG Singapore and Asia-Pacific chairman Tham Sai Choy.

Founded in 2019, dtcpay offers services including account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance and digital payment token services. It offers payment processing for users transacting across fiat and digital currencies.