RedotPay raises $107 million Series B to expand stablecoin payments platform
RedotPay, a Hong Kong-based fintech focused on stablecoin-based payments, has raised $107 million in a Series B funding round, as the company reports growing transaction volumes and user adoption.The round was led by consumer-focused venture firm Goodwater Capital, with participation from Pantera Capital, Blockchain Capital and Circle Ventures, alongside existing backers including HSG (formerly Sequoia Capital China), RedotPay said Tuesday.The "oversubscribed" Series B comes roughly three months after RedotPay raised $47 million in a strategic funding round in September at a valuation exceeding $1 billion, following a $40 million Series A earlier this year. The latest raise brings the company’s total capital raised since inception to around $200 million.“We only began actively raising capital in late 2024,” Michael Gao, co-founder and chief executive officer of RedotPay, told The Block. Asked why the company raised again so soon after its most recent fundraise, Gao said demand for the platform has accelerated. “This financing allows us to scale infrastructure, compliance, and partnerships in line with that growth,” he said.Gao said the Series B was structured entirely as equity. He declined to disclose RedotPay’s post-money valuation and whether any board seats were granted as part of the round.RedotPay facilitates global payments using stablecoins and says it now has more than 6 million registered users across over 100 markets. The company reports more than $10 billion in annualized payment volume, nearly tripling year over year, with more than 3 million new users joining the platform in 2025 through November. RedotPay also said it generates more than $150 million in annualized revenue and is operating profitably.The company’s products include a stablecoin-based card that allows users to spend digital assets globally, stablecoin-based global payout rails, and access to stablecoins through multi-currency wallet accounts provided by undisclosed third-party licensed financial institutions. RedotPay also operates a peer-to-peer marketplace built on its own infrastructure.RedotPay says its platform is designed to serve both crypto-native and non-crypto users by enabling instant, predictable and cross-border fund movement.Where the new capital will goRedotPay said the new funding will be deployed across three main areas: product development, compliance and licensing, and strategic acquisitions.Gao said the company remains “fundamentally product-driven,” with much of the capital going toward improving the core user experience based on customer feedback. In parallel, RedotPay plans to pursue acquisitions that expand its regulatory license footprint and strengthen its payments infrastructure. Target areas include licensed payment institutions, acquiring platforms and related financial infrastructure providers, particularly in markets aligned with RedotPay’s fastest-growing user bases, Gao said.Gao said RedotPay has “meaningful users” across the Middle East and North Africa, adding that the company is expanding in regions where it already sees strong organic demand.RedotPay currently employs around 250 full-time staff. Gao said the company is hiring across engineering, product and compliance teams.Investors framed the round as a bet on stablecoins becoming a core part of global payments infrastructure. “In many countries, consumers face currency risk, savings erosion due to inflation, and fragile local banking systems,” said Jonah Burian, an investor at Blockchain Capital. “Many would prefer to store value in assets they trust, such as dollars, bitcoin, or other digital assets, and spend in their local currency. RedotPay seeks to bridge this gap by giving consumers meaningful control over their financial destiny."The Funding newsletter: Stay on top of the latest crypto VC funding and M&A deals, news, and trends with my free bi-monthly newsletter, The Funding. Sign up here!Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.