Singapore-based dtcpay, a payments startup with a crypto business, raised a $16.5 million pre-Series A round, according to local news reports.

The investment was led by Kwee Liong Tek, chairman of luxury real estate firm Pontiac Land Group — owner of properties including the Capella Hotel Group and Millennia Singapore, which in turn owns the Ritz-Carlton and Conrad hotels in the city-state.

The money will reportedly be used for product development and for expanding globally.

Founded in 2019, dtcpay offers a range of payment services, including payment processing for users transacting in both fiat and crypto.

David Tung, former managing director and partner at The Carlyle Group, Burgess Asia chairman Jean-Marc Poullet and Tham Sai Choy, former KPMG Singapore and Asia-Pacific chairman, also participated in the investment round. The reports did not include a valuation. 

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