Singaporean fintech startup Fincy has obtained $11m investment from parent GBCI Ventures.

With the infusion, Fincy intends to embark on an expansion drive in Asia, starting with Southeast Asia.

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The firm also intends to use $1m of the capital for increasing its employee headcount.

Plans are on to make 50 strategic hires in various areas including technology and compliance.

GBCI CEO Douglas Gan said: “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.”

Fincy is also working to close an external financing round soon.

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Founded last year, the fintech offers a multi-currency wallet to simplify currency exchange.

It allows users to make contactless payments and build an in-app social network.

The firm leveraged the Building Cities Beyond (BCB) blockchain protocol to develop its platform. This is the same technology stack utilised by Myanmar’s Yatai City.

Fincy’s services are also available in Phnom Penh, Cambodia. The app is accepted at over 700 merchants and used by over 40 companies for payroll in this market.

Fincy co-founder and CTO Vanessa Koh said: “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.

“We look forward to taking Fincy to new heights in Asia and building a strong core team in Singapore.”