Singapore-based GBCI Ventures, a venture capital and private equity firm, has made a strategic $11 million investment in Fintech startup Fincy.
The company is also in the process of finalizing external funding.
The Fincy team describes their platform as a multi-purpose solution providing digital and cross-border P2P money exchanges and payments.
Fincy Singapore’s CEO, Vanessa Koh leads the platform’s technology developments and oversees the firm’s business operations in Singapore.
Fincy’s management said that the capital will be used to expand the firm’s operations across Asia. The Fintech company is planning to onboard more users and further develop its infrastructure.
Fincy has set aside $1 million for hiring more skilled professionals, which includes a plan to recruit 50 specialists that can assist with technology upgrades and ensuring compliance.
Douglas Gan, CEO at GBCI Ventures, stated:
“GBCI Ventures has invested $11 million in Fincy because we believe that by leveraging a secure financial infrastructure built on the blockchain technology and by offering round-the-clock customer support, Fincy can provide an affordable, contactless alternative to existing financial services, especially in a post-COVID-19 world.”
Founded in 2019, Fincy aims to simplify currency exchange through its multi-currency digital wallet. The company offers wholesale exchange rates and doesn’t charge transaction fees on most transactions.
Fincy’s mobile app lets users conduct contactless payments and also supports an in-app social network.
The Fintech firm has developed its platform by using the Building Cities Beyond (BCB) blockchain protocol, which is notably the same technology stack used by Myanmar’s Yatai City.
Fincy also offers its services in Cambodia’s capital city, Phnom Penh. The company is regulated by the relevant laws and authorities in the country.