RedotPay, a crypto payment platform, announced the successful close of a $40 million Series A funding round led by Lightspeed following their commitment in December 2024, with investments from HSG and Galaxy Ventures.
The investment round reportedly saw participation from DST Global Partners, Accel, Vertex Ventures (Temasek-backed VC), among other investors.
Founded in April 2023, RedotPay claims that it has now established itself as an alternative to traditional banking for the unbanked.
With “over 3 million” registered users, the crypto card & payment platform’s rapid adoption underscores the demand for crypto-based payment solutions in everyday transactions.
RedotPay’s mission is to create a borderless payment ecosystem that seamlessly “bridges fiat and cryptocurrencies.”
By integrating traditional digital payment technology with cryptocurrencies, RedotPay enables users to easily “spend digital assets with the familiarity of conventional payment methods.”
The platform’s intuitive design and focus on “practical crypto applications have been key market differentiators.”
Michael Gao, co-founder and CEO of RedotPay said:
“Our team takes pride in empowering millions globally with financial access while bridging the gap between fiat and crypto. As we scale our platform capabilities, we look forward to partnering with Lightspeed, HSG, Galaxy, and our other strategic investors to expand our reach and accelerate financial empowerment worldwide.”
The round’s success highlights investors’ alignment with RedotPay’s vision to integrate cryptocurrencies into “everyday use.”
Lightspeed, a global multi-stage investor, leading payment and fintech-focused investor, led the funding round.
Pinn Lawjindakul, Partner at Lightspeed, commented:
“We are thrilled to partner with Michael Gao and his team as they work to reshape the financial landscape. RedotPay’s platform is already iimproving] financial access for millions who lack access to traditional banking. We are excited to support RedotPay as they continue to build a more inclusive financial ecosystem and redefine the way people interact with money.”
With this funding, RedotPay plans to accelerate its product roadmap, enhance its payment ecosystem for a streamlined user experience, “reinforce regulatory compliance frameworks, and expand its licensing footprint across multiple jurisdictions.”
PwC Corporate Finance and Venture & Growth teams served “as financial advisor to RedotPay for its Series A financing round.”
As noted in the update, RedotPay is a crypto fintech bridging Web3 and traditional finance “through innovative, cost-efficient blockchain solutions.”
Their crypto payment products enable users globally to “spend and send digital assets.”
They aim to foster financial inclusion for the unbanked and serve crypto enthusiasts, advancing “global adoption of fast, accessible crypto payments.”