Redotpay, a Hong Kong-based crypto payments startup, has become a unicorn after securing $47 million in fresh funding. The round included major backers such as Coinbase Ventures, Galaxy Ventures, and Vertex Ventures, the venture arm of Singapore’s Temasek. Besides, an unnamed global technology entrepreneur also joined the round.
The startup, founded by former DBS banker Michael Gao, provides prepaid crypto cards usable across 130 million merchants. Its app also supports crypto and fiat transfers, borrowing against digital assets, interest-earning products, and exchange functions. Redotpay claims that it already serves over five million users and processes an annualized $10 billion in payment volume.
Global expansion strategy
As per a Forbes report, Redotpay stated that the funds will drive global expansion and help secure regulatory licenses. Gao emphasized trusted partners, saying, “Our mission has always been to make digital finance accessible, secure, and efficient for everyone.” Moreover, he highlighted that investors’ expertise in crypto and fintech would boost compliance and broaden blockchain adoption worldwide.
The raise follows a $40 million round led by Lightspeed Venture Partners only six months earlier. Other notable backers then included DST Global Partners, Accel, and HongShan Capital Group.
Regulatory tailwinds and market momentum
The timing also benefits from favorable market conditions. The U.S. President Donald Trump recently signed a law creating a framework for stablecoins. Hong Kong introduced its own licensing regime for stablecoin issuers in August, coinciding with Bitcoin’s surge to $124k.
Additionally, competitors like RD Technologies are also raising funds to get official stablecoin licenses. At the same time, big players such as PayPal, Circle, and Stripe are expanding their digital currency services.
Meanwhile, nine major European banks are working together to create a euro-based stablecoin. The banks include UniCredit, ING, Banca Sella, KBC, Danske Bank, DekaBank, SEB, CaixaBank, and Raiffeisen. According to them, the initiative aims to provide an alternative to U.S.-dominated digital currencies and give Europe more control over its payments system.
Redotpay’s rise proves crypto is moving beyond speculation. With payments, clear rules, and investors uniting, digital finance is entering a new era.
