Forbes: Crypto Payment Firm Redotpay Achieves Unicorn Status with $47M Round

Redotpay, a Hong Kong-based cryptocurrency payment startup, has achieved unicorn status following a $47 million funding round. The investment included participation from Coinbase Ventures, Vertex Ventures, Galaxy Ventures, and a prominent, undisclosed global technology entrepreneur. This milestone builds upon a previous $40 million funding round six months prior, led by Lightspeed Venture Partners, with contributions from HongShan Capital Group and DST Global Partners. Founded in 2023 by former DBS banker Michael Gao, Redotpay offers prepaid cards enabling cryptocurrency payments, including stablecoins and Bitcoin, across 130 million merchants. The company's application provides financial tools for users to send and receive both cryptocurrency and fiat currencies, borrow against crypto assets, earn interest, and exchange between the two. Redotpay's platform boasts over 5 million users and processes an annualized total payments volume of $10 billion. CEO Michael Gao stated that the new capital will be allocated to global service expansion and the acquisition of necessary regulatory licenses. Gao affirmed, "Our mission has always been to make digital finance accessible, secure, and efficient for everyone." He added that the investors' "global expertise across both crypto and fintech will help us accelerate growth, strengthen compliance, and expand access to the broader blockchain ecosystem worldwide."