Fincy, a Singapore-based fintech platform, has received a fresh $11 million in funding from parent company GBCI Ventures, a venture building firm.
The startup will utilize these funds in expanding its presence across Asia, thus accelerating both user base and infrastructure. The company plans to expand into Southeast Asia first and then penetrate other Asian markets.
In addition to that, it has sided $1 million for talent acquisition and is looking to make 50 “strategic” hires in areas ranging from technology to compliance.
Commenting on the funding, Douglas Gan, CEO of GBCI Ventures, said: “GBCI Ventures has invested US$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.”
Fincy was established last year and is simplifying currency exchange via its multi-currency wallet, at wholesale exchange rates and with transaction fees as low as 0 percent.
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The mobile application also allows its customers to make contactless payments and also facilitates an in-app social network.
Taping the growing Asian markets
The startup has built its services using the Building Cities Beyond (BCB) blockchain protocol, the same technology used by Myanmar’s Yatai City, and is also offering financial infrastructure to Yatai.
Apart from Myanmar, the services of the startup’s services are also available in Phnom Penh, the capital city of Cambodia. The startup is also fully regulated under the local Cambodian frameworks.
The fund injection from the parent company came when the startup is already finalizing an external finding round.
Meanwhile, this is the second funding support by GBCI Ventures to a startup co-founded by Gan. The venture fund also raised $100 million in 2018 to back startups working in advanced technologies.