RedotPay Raises $47M, Achieves Unicorn Status With Coinbase Backing
- RedotPay, a Hong Kong-based fintech, raised $47 million in strategic investment, valuing it above $1 billion and achieving unicorn status.
- The investment round included new backer Coinbase Ventures and existing investors Galaxy Ventures and Vertex Ventures.
- Founded in 2023, RedotPay integrates blockchain with traditional payment networks, servicing over 5 million users across 100 markets.
- The company processes an annualized $10 billion through stablecoin cards, multicurrency wallets, and global payout services.
- The new funding aims to enhance growth, compliance, and blockchain integration, per CEO Michael Gao.
- RedotPay’s Global Payout feature, allowing stablecoin transfers to bank accounts or e-wallets, is popular in Latin America.
- The company's growth coincides with increased competition among stablecoin issuers due to emerging regulations.
