Redotpay provides pay as you go playing cards for funds in cryptocurrencies.
Redotpay
Redotpay, a Hong Kong-based crypto fee startup, has hit unicorn standing after finishing a $47 million funding spherical from traders together with Coinbase Ventures, the enterprise capital arm of U.S. billionaire Brian Armstrong’s crypto change big Coinbase International.
Different traders who joined the spherical embrace Vertex Ventures, a unit of Singapore sovereign wealth fund Temasek, and Galaxy Ventures, the enterprise capital arm of U.S. billionaire Michael Novogratz’s crypto funding agency Galaxy Digital, in addition to an unnamed “international expertise entrepreneur,” Redotpay stated in an announcement on Thursday.
Established in 2023 by ex-DBS banker Michael Gao, Redotpay provides pay as you go playing cards for funds in cryptocurrencies, together with stablecoins and bitcoins, throughout some 130 million retailers. The corporate additionally operates an app that enables the sending and receiving of cryptocurrencies and fiat currencies, with further capabilities comparable to borrowing in opposition to crypto holdings, incomes curiosity on digital property and forex change between crypto and fiat. Redotpay stated it has garnered greater than 5 million customers and has processed $10 billion in annualized whole funds quantity since its founding.
Redotpay stated it should use the proceeds to develop its providers globally and safe regulatory licenses. “Our mission has all the time been to make digital finance accessible, safe, and environment friendly for everybody,” stated Gao, cofounder and CEO of Redotpay, within the assertion. “[The investors’] international experience throughout each crypto and fintech will assist us speed up progress, strengthen compliance, and develop entry to the broader blockchain ecosystem worldwide.”
Redotpay’s newest funding spherical got here solely six months after it raised $40 million in a spherical led by California-based Lightspeed Enterprise Companions. Others who participated in that fundraising embrace blue-chip VCs like HongShan Capital Group (HSG), DST International Companions and Accel.
Redotpay’s fast ascent to unicorn standing comes amid a latest crypto rally that’s fueled by U.S. President Donald Trump’s vocal help for the business, which was stricken by high-profile scandals and company failures a number of years in the past. In July, Trump signed a regulation to ascertain a regulatory framework for stablecoins, paving the best way for the fiat-pegged digital property to develop into a mainstream software for cash transfers and funds.
Hong Kong, the place Redotpay is predicated, in August additionally kicked off a regulatory regime that requires stablecoin issuers to acquire a license. The transfer, coupled with bitcoin hitting an all-time excessive of $124,000 the identical month, reignited investor curiosity within the crypto sector.
Among the many Hong Kong startups using on the renewed crypto frenzy are HSG-backed RD Applied sciences, a fintech startup that’s pursuing an area stablecoin issuer license. In August, RD Technologies raised about $40 million in a spherical led by ZA International, a part of mainland Chinese language insurer ZhongAn On-line P&C Insurance coverage, to develop into digital forex transactions.
