Alchemy Pay Raises US$10 Million to Accelerate South Korean Expansion Plans
by Fintech News Singapore April 4, 2023Singaporean payments provider Alchemy Pay announced that it has secured US$10 million in funding from multi-stage web3 investment firm DWF Labs.
Alchemy Pay is now estimated to be valued at U$400 million and will be using the new funds to expand its payment business in South Korea to capitalise on the region’s high level of cryptocurrency acceptance.
The firm has also introduced its NFT Checkout service in addition to its payment services to enable customers to acquire NFTs using fiat payment options. With this function, users can easily purchase NFTs using their domestic local currencies.
Alchemy Pay has expended its global presence by establishing partnerships with Visa, Mastercard, Google Pay, Apple Pay, and regional mobile wallets among others.
With a strong focus on providing access to emerging markets, Alchemy Pay has established an extensive coverage area encompassing Europe, Northern and Latin America, and Southeast Asia.
Robert McCracken
Robert McCracken, Ecosystem Lead at Alchemy Pay said,
“The company is currently well-funded, and we accepted the investment for strategic purposes, specifically to aid Alchemy Pay in entering the Korean market and expanding its payment services in the region.
Korea offers a robust market base where Alchemy Pay has yet to establish a strong presence, and we aim to establish a solid foothold in the region.”
Andrei Grachev
Andrei Grachev, Managing Partner at DWF Labs said,
“We are excited to partner with Alchemy Pay as they continue their global expansion journey, particularly in the Korean market.
We believe this strategic partnership will accelerate Alchemy Pay’s growth in Korea, providing more opportunities for businesses and consumers to embrace the benefits of digital assets and web3 technologies.”
