Singapore-based fintech startup Fincy on Friday announced that it received USD 11 million in funding from its parent company GBCI Ventures. The money will be used for market expansion in Southeast Asia, then the rest of Asia, according to a statement.
“GBCI Ventures has invested USD 11 million in Fincy because we believe that by leveraging a secure financial infrastructure built on blockchain technology, Fincy can provide an affordable, contactless alternative to existing financial services,” said GBCI Ventures CEO Douglas Gan.
The company also hinted at another external funding round that might be closing in the coming weeks.
Fincy was launched in 2019 by Gan, Vanessa Koh, and Lim Ming Wang due to their frustration with the unfavorable exchange rates and exorbitant transaction fees charged to travelers. As frequent business travelers, the trio set out to create a solution that would allow for seamless, more affordable currency exchanges and a way to store residual currencies after returning from trips.
Beyond currency exchange, the app also enables users to build their own social networks in-app and make contactless mobile payments. Fincy’s service is available in Phnom Penh, Cambodia, where it is fully licensed and accepted at more than 700 merchants and used by over 40 companies for payroll. It is also the exclusive provider of financial services in Myanmar’s Yatai—a blockchain-powered smart city project.