GBCI Ventures Pours US$11 Million into Its Own Fintech Startupby Fintech News Singapore June 12, 2020
GBCI Ventures announced an US$11 Million investment into Fincy a fintech startup led by Douglas Gan, Vannesa Koh and Lim Ming Wang who are all from GBCI Ventures.
In a media statement, they shared that Fincy is the venture capital firms new endeavour that aims to provide an “affordable alternative to existing financial services, starting with simplifying currency exchange via a multi-currency wallet.”
Fincy is described as 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.
“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 problems,”
said Vanessa Koh, Co-Founder and CTO of Fincy,
“We look forward to taking Fincy to new heights in Asia and building a strong core team in Singapore.”
They said that the funding will be used to kick start the growth in Singapore and subsequently their expansion into South East Asia. It will also be used to drive talent and customer acquisition.
“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,”
said Douglas Gan, CEO of GBCI Ventures.
In addition to receiving the venture building investment from GBCI Ventures, Fincy will be finalising an external funding round in the coming weeks.