Blockchain-powered e-wallet Fincy receives $11 million capital boost
Fincy, a multi-currency money management app that launched in Cambodia last year, has received an $11 million capital injection from parent company GBCI to expand its network across South East Asia. In Cambodia, Fincy is accepted at more than 700 merchants and used by over 40 companies for payroll purposes. The app, which exploits blockchain technology to power its multi-currency wallet, 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.
The financing comes off the back of a successful launch in Singapore earlier this month.
The firm says it will use the funding to build a new 6,700 square foot office in Singapore’s central business district to house its technology, product development, compliance and sales and marketing teams. Approximately $1 million has been earmarked to hire an additional 50 staff on top of the 500 people already employed by the firm.
Douglas Gan, chief executive of GCBI Ventures and co-founder of Fincy, says: “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.”