Singapore’s personal finance app Fincy secures US$11M

Singapore-based personal finance has secured US$11 million in fresh funding from its parent company GBCI Ventures, a venture building firm.

Fincy 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.

It also plans to establish a base in the Central Business District, where it will add 50 new talents into its technology, product development, compliance, sales and marketing team, with a US$1 million allocation.

“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.

Launched in 2019, the app aims to provide an affordable alternative to existing financial services, starting with simplifying currency exchange via a multi-currency wallet. It also enables users to build their own social networks in-app and make contactless mobile payments.

Fincy’s contactless approach is already being utilised in Myanmar’s Yatai City. It is the provider of financial infrastructure to the city’s growing number of residents, who can use the app to make purchases, perform transactions, receive a salary, and manage their money without the need for physical contact.

Aside from Myanmar, Fincy is also heading the contactless mobile payments in Phnom Penh, Cambodia, where it is a fully licensed money app accepted at more than 700 merchants and used by over 40 companies for payroll.

In the coming weeks, Fincy will be finalising an external funding round.

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