Singapore-based fintech startup Fincy has raised $11 million from its parent company GBCI Ventures. GBCI Ventures has injected a massive capital into the fintech. The parent company is a leading smart city solutions provider across industries.
Vanessa Koh, co-founder and CTO of Fincy, told the media, “This venture building investment from GBCI Ventures is a massive vote of confidence for Fincy as a fintech solution that will solve real-world money problem. We look forward to taking Fincy to new heights in Asia and building a strong core team in Singapore.”
It is reported that Fincy will finalise an external funding round, in addition to the capital injected by its parent company. The fintech startup allows users to top up their ewallet through local bank transfers. That said, users can also exchange currencies at whole exchange rate with as low as zero percent transaction fees.
Douglas Gan, CEO of GBCI Ventures, told the media, “GBCI Ventures has invested US$11 million in Fincy because we believe that by leveraging a secure financial infrastructure built on 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 world.”
The startup is active in contactless mobile payments in Phnom Penh, Cambodia. It is accepted by more than 700 merchants and used by over 40 companies in the country.