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Ruholamin Haqshanas
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Ruholamin Haqshanas
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Crypto payment firm RedotPay has closed a $40 million Series A funding round, led by Lightspeed with key investments from HSG, Galaxy Ventures, and other prominent investors including DST Global Partners, Accel, and Vertex Ventures.
Founded in April 2023, RedotPay has become a major player in the fintech space, offering an alternative to traditional banking services for the unbanked.
The platform now boasts over 3 million registered users globally and has seen strong adoption thanks to its crypto card and payment services, according to a press release shared with Cryptonews.com.
RedotPay Aims to Create a Borderless Payment Ecosystem
RedotPay’s mission is to create a seamless, borderless payment ecosystem that bridges fiat and cryptocurrencies.
By integrating traditional digital payment technology with cryptocurrencies, the platform allows users to easily spend digital assets through familiar payment methods.
Its user-friendly design and focus on practical crypto applications set it apart in a competitive market.
“Our team takes pride in empowering millions globally with financial access while bridging the gap between fiat and crypto,” said Michael Gao, co-founder and CEO of RedotPay.
“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.”
RedotPay’s new funding round comes amid growing interest in integrating cryptocurrencies into everyday use cases.
“We are thrilled to partner with Michael Gao and his team as they work to reshape the financial landscape,” said Pinn Lawjindakul, Partner at Lightspeed.
Will Nuelle, General Partner at Galaxy Ventures, also said that crypto payments are no longer a niche concept—they’re becoming a key part of the global financial system.
He added that RedotPay’s seamless integration of digital assets into everyday transactions is a game-changer for millions worldwide.
With this new capital, RedotPay plans to enhance its payment ecosystem, improve user experience, strengthen regulatory compliance, and expand its licensing across multiple jurisdictions.
Venture Capital Backing For Crypto Services on the Rise
RedotPay’s recent funding round comes shortly after crypto payments firm Mesh raised $82 million in a Series B funding round to expand its blockchain-based settlement network globally.
The round, announced on Tuesday, was led by Paradigm, with participation from ConsenSys, QuantumLight, Yolo Investments, Evolution VC, Hike Ventures, Opportuna, and AltaIR Capital.
Notably, most of the investment was settled using PayPal’s PYUSD stablecoin, highlighting the growing role of stablecoins in financial transactions.
Venture capital firms are increasingly backing projects focused on stablecoin services and financial infrastructure.
The sector’s potential was further underscored by payments giant Stripe’s acquisition of stablecoin platform Bridge for $1.1 billion last year, signaling strong institutional interest in blockchain-based financial solutions.
In April, Fintech giant Stripe announced its decision to once again allow customers to accept cryptocurrency payments after a six-year break.
Aside from Stripe, other payment companies have also adopted stablecoins as a means of payment.
More recently, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments.
