RedotPay, a cryptocurrency payment platform, has completed a Series A funding round, raising $40 million. The round was led by Lightspeed, following a previous commitment made in December 2024. Other significant investors included HSG and Galaxy Ventures, with participation from DST Global Partners, Accel, and Vertex Ventures.
Established in 2011 RedotPay has rapidly grown its user base to over 3 million registered users worldwide, positioning itself as an alternative to traditional banking for unbanked populations. The platform enables users to conduct transactions using both fiat and cryptocurrencies, addressing the increasing demand for crypto payment solutions.
The company was established as Red Dot Payment (RDP) by Randy Tan, who currently serves as its managing director. Initially based in Singapore, the company has since expanded into other Southeast Asian markets, including Thailand and Indonesia.
In 2014, RDP secured funding from investors such as GMO Global Payment Fund and Wavemaker Pacific, and began supporting MasterPass for merchant payments. The following year, RDP partnered with Sourceguru to provide digital payment services. In July 2019, the fintech and e-payment company PayU acquired a majority stake in RDP, valuing the firm at $65 million, while Randy Tan retained a minority stake.
RedotPay’s objective is to create a seamless payment ecosystem that integrates conventional digital payment technologies with cryptocurrencies. Co-founder and CEO Michael Gao stated, “Our mission is to empower individuals with financial access while bridging the gap between fiat and crypto.” He expressed optimism about the potential for growth following this funding round.
Lightspeed partner Pinn Lawjindakul commented on the investment, noting the importance of RedotPay’s role in enhancing financial access for those lacking traditional banking options. Galaxy Ventures General Partner Will Nuelle also emphasized the significance of crypto payments in the global financial landscape, highlighting RedotPay’s innovative approach.
The new funding will be allocated toward enhancing product offerings, improving user experience, ensuring regulatory compliance, and expanding operational licensing in various jurisdictions.
PwC Corporate Finance and Venture & Growth teams served as financial advisors for RedotPay during this financing round.
Shogun Lin
