Hong Kong-based stablecoin payment platform RedotPay has become the latest fintech to achieve unicorn status, following the completion of a $47 million funding round.
The investment attracted new backers, including Coinbase Ventures and an unnamed global technology entrepreneur, while existing shareholders Galaxy Ventures and Vertex Ventures increased their financial commitments.
RedotPay provides virtual and physical stablecoin-based cards, multi-currency wallets, and cryptocurrency conversion services. The company expanded its offerings in June with a global payout solution, enabling users to transfer stablecoins and cryptocurrencies directly to local bank accounts or electronic wallets.
The company, founded in 2023, has grown to serve over five million users spread across more than 100 markets. The fintech’s platform supports multiple cryptocurrencies, including Bitcoin, Ethereum, USDC, and USDT.
With this latest funding, RedotPay says it will “continue to expand its global payment corridors in partnership with banks, payment networks and other ecosystem participants”, while also “deepening its focus on compliance and global licensing”.
This round follows the company’s $40 million Series A round led by California-based venture capital firm Lightspeed. Since its establishment two years ago, RedotPay claims to have achieved $10 billion in annualised total payment volume.
RedotPay is not alone in its recent achievement. Fellow cryptocurrency company Zerohash, a US-based platform providing embedded crypto and stablecoin infrastructure, also reached unicorn status earlier this week after securing a $104 million Series D-2 funding round.
Source: https://www.fintechfutures.com/
