Blockchain-Powered E-Wallet Fincy Secures $11M USD From Parent GBCI Ventures

Multi-currency money management app Fincy has secured $11 million in fresh funding from its parent company GBCI Ventures, a venture building firm.

Based in Singapore, Fincy is a FinTech startup that utilizes modern distributed ledger technology (DLT) to minimize the costs of currency exchange, even at lower volumes. In Cambodia, The Fincy app is accepted at more than 700 merchants and used by over 40 companies for payroll purposes. The app is also the exclusive provider to 40,000 residents in Myanmar’s Yatai City, where it can be used to make purchases, receive salaries and manage expenses.

Fincy said in a press release that it plans to use the funding for building its presence in Singapore and accelerating its user base and infrastructure growth, first across Southeast Asia, followed by the rest of Asia. Around $1 million of the funding will be used to add around 50 new hires in areas ranging from technology to compliance.

“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,” said Douglas Gan, CEO of GBCI Ventures.