Stablecoin payment company RedotPay completes $47 million financing, led by Coinbase Ventures

According to ChainCatcher, stablecoin payment company RedotPay recently announced the completion of a $47 million strategic financing round, pushing its valuation over $1 billion and officially joining the ranks of fintech unicorns.

This round was led by Coinbase Ventures, with participation from Galaxy Ventures and Vertex Ventures, and an undisclosed global tech entrepreneur. Founded in April 2023, RedotPay's core businesses include stablecoin payment cards, multi-currency wallets, and global payment services.

To date, the company has over 5 million users and has processed $10 billion in cumulative payment transactions. The global payment service, launched in June of this year, has made positive progress in financially underserved regions such as Latin America, allowing users to transfer cryptocurrencies directly into local bank accounts or e-wallets.

Currently, RedotPay is headquartered in Hong Kong, with branches in Europe and Argentina, and has obtained operating licenses in the relevant regions.

Going forward, the company plans to further expand its global business channels, deepen its collaboration with banks and payment networks, and prioritize global license application and compliance.

It's worth noting that RedotPay completed a $40 million Series A funding round in March of this year, led by Lightspeed and with participation from HSG and Galaxy Ventures.