Quick take:
- The fundraising attracted participation from Coinbase Ventures, Galaxy Ventures, and Vertex Ventures.
- The strategic round follows RedotPay’s $40 million Series A round announced in March, which Galaxy Ventures and Vertex Ventures also participated in.
- The company claims to have over 5 million users across more than 100 global markets and has processed $10 billion in annualised payment volume over the past two years.
RedotPay has announced a $47 million strategic funding round backed by Coinbase Ventures, Galaxy Ventures, and Vertex Ventures, according to an announcement on Thursday. The round was completed at a valuation of more than $1 billion, making RedotPay the latest crypto unicorn.
The crypto payments firm plans to use the fresh capital to advance a compliance-driven expansion strategy through partnerships with banks, payment networks, and other ecosystem players.
The strategic round follows RedotPay’s $40 million Series A round announced in March, which Galaxy Ventures and Vertex Ventures also participated in with Lightspeed as lead investor.
RedotPay is on a mission to make digital finance accessible, secure, and efficient for everyone. Commenting on the announcement, RedotPay co-founder and CEO Michael Gao said: “Having Coinbase Ventures join us, along with the continued support from Galaxy Ventures and Vertex Ventures, validates the progress we’ve made and the confidence investors have in our vision. Their global expertise across both crypto and fintech will help us accelerate growth, strengthen compliance, and expand access to the broader blockchain ecosystem worldwide.”
The company offers a variety of products, including stablecoin cards, multi-currency wallets, and global payout solutions, which, when blended together, enable the speed and efficiency of stablecoins whilst leveraging the global reach of established payment networks.
RedotPay claims to have already amassed over 5 million users across more than 100 global markets, also processing $10 billion in annualised payment volume over the past two years.
Hoolie Tejwani, Head of Coinbase Ventures, whose firm comes in as a new investor, commented: “We believe stablecoins will power the future of payments. The team at RedotPay is executing impressively to bring this value proposition to users around the world. We’re proud to support them as part of our common goal to bring billions of users on-chain.”
RedotPay also said there was an “unnamed global technology entrepreneur” among this round’s backers.
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