Singapore fintech firm Fincy nets $11m from GBCI Ventures

Frustrated with “unfavorable exchange rates and exorbitant transaction fees,” Douglas Gan, Vanessa Koh and Lim Ming Wang decided to launch Fincy, a money app that allows for “seamless and affordable” currency exchanges.

The Singapore-based fintech firm announced that it has raised US$11 million from its parent company, GBCI Ventures.

Fincy co-founders (from left): Vanessa Koh, Lim Ming Wang, Douglas Gan / Photo credit: Fincy

The platform, which was rolled out last year, also allows users to build their own social networks in-app as well as make contactless mobile payments.

“Fincy can provide an affordable, contactless alternative to existing financial services, especially in a post-Covid world,” said Gan, who is also GBCI’s chief executive.

The blockchain-powered contactless payments approach is already present in Myanmar and Cambodia, where it’s serving more than 700 merchants and over 40 companies for payroll, said Fincy. Its app allows users to make purchases and perform transactions, receive salary, and manage their money without physical interaction.

With the latest capital injection, Fincy plans to build its presence in Singapore and accelerate its growth across Southeast Asia. It will also establish a base in the city-state’s central business district as well as expand its data center network across Asia, where it has around 500 employees. Around US$1 million of the funding will be used to add around 50 new hires to support the team in Singapore.

In addition to the latest investment from GBCI, Fincy said it will be finalizing an external funding round in the coming weeks.

Fincy is not the only player in the money app space. It’s up against some big rivals such as ubiquitous Chinese super app WeChat and Singapore-based fintech firm Nium, which just raised a funding round from Visa and BRI Ventures, among others. Indian conglomerate Reliance Industries is reportedly working with Facebook to create a WeChat-like platform that combines social networking, digital payments, gaming, and flight and hotel bookings, among other features.