Hong Kong-based crypto payments platform RedotPay has secured $40 million in a Series A round led by VC firm Lightspeed Venture Partners.
The firm roped in investment firms including HSG (formerly Sequoia Capital China); Galaxy Ventures, the private investment arm of crypto financial services firm Galaxy; as well as Temasek-backed Vertex Ventures, among other investors, according to a company release.
The recent capital infusion will help RedotPay accelerate its product roadmap, enhance its payment ecosystem for a smoother user experience, reinforce regulatory compliance frameworks, and expand its licensing footprint across multiple jurisdictions, according to the release.
The Hong Kong-based firm, which enables users to spend and send digital assets easily, claims it has earned 3 million registered global users since its inception in April 2023.
RedotPay’s fundraising comes shortly after Hong Kong’s market regulator published a 12-initiatives roadmap to drive the city’s virtual asset industry amidst competition from other crypto-friendly hubs like Singapore and Dubai.
Despite that, industry players have shared that banking remains one of the challenges facing the city’s digital asset ventures.
