Quick take:
- The company plans to use the new capital to accelerate its product roadmap and expand its licensing footprint across multiple jurisdictions.
- RedotPay’s crypto card and payment platform bridges the gap between traditional finance and cryptocurrencies, acting as an alternative to traditional banking for the unbanked.
- The company claims to have over 3 million registered users globally.
RedotPay, a crypto card and payments platform, has completed a $40 million Series A round led by Lightspeed. The fundraising also attracted significant investment from HSG (Formerly Sequoia China) and Galaxy Ventures, with participation from DST Global Partners, Accel, and Temasek-backed Vertex Ventures.
Founded in April 2023, RedotPay provides a crypto card and payments platform that seeks to bridge the gap between traditional finance and cryptocurrencies, acting as an alternative to traditional banking for the unbanked.
The company claims to have more than 3 million registered users amid a rapid adoption of crypto-based payment solutions in everyday transactions. According to the announcement on Friday, RedotPay has integrated traditional digital payment technology with cryptocurrencies to enable users to easily spend digital assets with the familiarity of conventional payment methods.
Commenting on the announcement, Michael Gao, co-founder and CEO of RedotPay said in a blog post: “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.”
Pinn Lawjindakul, Partner at Lightspeed, commented: “RedotPay’s platform is already revolutionising 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.”
The company plans to use the fresh capital to accelerate its product roadmap, enhance its payment ecosystem for a smoother user experience, reinforce regulatory compliance frameworks, and expand its licensing footprint across multiple jurisdictions.
“The pace of adoption by crypto enthusiasts and those who’ve been left out by the traditional banking system shows that we are building something truly impactful,” said Gao.
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