RedotPay raises $40m to accelerate crypto payments

• RedotPay announced it secured $40 million in Series A round led by Lightspeed, with HSG, Galaxy Ventures, and others joining.
• The crypo fintech, launched in 2023, plans to use the funds to accelerate the adoption of crypto payment solutions.

RedotPay, a crypto payment platform looking to bridge web3 and traditional finance, announced the completion of a $40 million Series A funding round.

Venture capital platform Lightspeed led the round, with this following their commitment in December 2024. RedotPay also attracted several top VC players for the round, including HSG, Galaxy Ventures, DST Global Partners, Accel, and Temasek-backed Vertex Ventures.

RedotPay eyes crypto payments adoption

Founded in April 2023, RedotPay has swiftly risen as a vital alternative for the unbanked, now serving over 3 million registered users worldwide.

The company aims to forge a borderless payment ecosystem, blending fiat and cryptocurrencies seamlessly. Its innovative approach allows users to spend digital assets with the ease of traditional payment methods, a strategy that has fueled its rapid adoption.

“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 chief executive officer 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.”

Lightspeed’s Pinn Lawjindakul, Partner, expressed enthusiasm for the collaboration:

With the fresh capital, RedotPay plans to enhance its ecosystem, boost compliance, and expand globally. “We don’t just build products. We solve real problems for our users,” Gao added, underscoring the platform’s impactful mission. PwC advised RedotPay on this financing round.

Earlier this year, RedotPay teamed up with Visa and StraitsX to launch a crypto credit card aimed at digital asset payments adoption in Singapore.

This milestone in February 2025 added to the company’s Virtual Asset Service Provider (VASP) registration in Lithuania. RedotPay’s full registration, obtained from Lithuania’s Financial Crime Investigation Service (FCIS) in December 2024, allowed RedotPay to formally enter the European market.

Notably, Binance Pay recently partnered with xMoney to expand crypto payments across the European Union.