Crypto payment platform RedotPay has announced that it has finalized a $40 million series A funding round led by Lightspeed, with firms like HSG, Galaxy Ventures, DSAT Global Partners, Accel, and Vertex Ventures joining.
The firm offers a distinct payment processing service, launching in April 2023 as an alternative banking method. It provides services specifically to the unbanked.
RedotPay closes Series A funding round with $40 million
The platform boasts about three million users, showcasing the pivot of the wider populace to crypto payment solutions. RedotPay is focused on unifying both fiat and cryptocurrencies into a single payment ecosystem. Proceeds will be for platform development, regulatory compliance, and new market expansion.
According to Will Nuelle, General Partner, Galaxy Ventures payments are at the very center of financial infrastructure, and crypto payments are a core part of that going forward. He added that easier, more seamless integration of digital assets and everyday transactions is a key mover to wider adoption.
The investment round highlights investor interest in the crypto payment sector, which has gained traction in mainstream financing. RedotPay said it will utilize the funds to fine-tune its technology, expand its licensing footprint, and amplify its regulatory compliance measures. PwC Corporate Finance and the Venture & Growth teams acted as the RedotPay Series A financing round advisors.