RedotPay

RedotPay was established in April 2023; its co-founder and chief executive officer is Michael Gao.⁠[1]

Before founding RedotPay, Michael Gao worked as a banker at DBSDBSDBS is a Singapore-headquartered financial services group that began as the Development Bank of Singapore, founded in 1968; its 1998 acquisition of POSB made it Singapore’s largest retail bank, it has a presence in 19 markets, and it has been led by chief executive officer Tan Su Shan since March 2025.Open the full entry.⁠[2]

On March 14, 2025, RedotPay announced a $40 million Series A round led by LightspeedLightspeed Venture PartnersLightspeed Venture Partners backs companies from seed through late-stage financing. Its website distinguishes Lightspeed Management Company (LSVP) from Lightspeed India Partners (LSIP): the two are separately operated investment advisers, with the U.S., European, and Israeli offices belonging to LSVP and the India and Southeast Asia offices belonging to LSIP.Open the full entry, which had committed in December 2024; HSG and Galaxy VenturesGalaxy VenturesGalaxy Ventures is Galaxy’s venture investment business, focused on crypto protocols, software infrastructure and financial applications. It began investing from the group’s balance sheet in 2018 and started raising its first outside-capital fund in 2024.Open the full entry made significant investments, and DST GlobalDST GlobalDST Global is a technology investment firm founded by Yuri Milner in 2009 that focuses on growth-stage investments in internet companies worldwide; it has invested in companies including Facebook, Twitter, Alibaba, JD.com, Airbnb and Spotify, and in 2026 led the US$400 million Series B round of the AI visual content company Higgsfield.Open the full entry Partners, Accel and Vertex Ventures also participated. The company said at the time that it had more than 3 million registered users globally and planned to expand its licensing footprint across multiple jurisdictions.⁠[1]

On September 25, 2025, RedotPay announced a $47 million strategic investment with new participation from CoinbaseCoinbaseCoinbase is a U.S. operator of crypto asset trading platforms, founded in 2012 by Brian Armstrong and Fred Ehrsam, whose listed parent is Coinbase Global, Inc.; it went public through a direct listing on Nasdaq (ticker COIN) in April 2021 and joined the S&P 500 in May 2025. It provides crypto trading, custody, staking, and stablecoin-related services, launched USDC with Circle, develops the Ethereum layer-2 network Base, and acquired the crypto options exchange Deribit in 2025; its venture investing operates as Coinbase Ventures.Open the full entry Ventures and a global technology entrepreneur and increased commitments from Galaxy Ventures and Vertex Ventures; the company said the round made it a fintech unicorn, at a valuation exceeding $1 billion. It said at the time it had more than 5 million users across more than 100 markets and $10 billion in annualized total payment volume, and that the funds would help accelerate growth, strengthen compliance and secure regulatory licenses.⁠[3][4][2]

On December 16, 2025, RedotPay raised $107 million in a Series B round led by Goodwater Capital with participation from Pantera CapitalPantera CapitalPantera Capital is an investment management firm focused on digital assets and the blockchain industry, founded by Dan Morehead in 2003. Its investments span corporate equity, early-stage tokens and liquid digital assets, and it manages a bitcoin fund, venture funds and multi-strategy blockchain funds.Open the full entry, Blockchain Capital and Circle Ventures; Michael Gao declined to disclose the post-money valuation. The company said at the time it had more than 6 million registered users across more than 100 markets, and its total capital raised in 2025 came to about $194 million.⁠[4][5]

RedotPay’s products at the time included a stablecoin-based card for spending digital assets globally, global payout rails, multi-currency wallet accounts provided by undisclosed third-party licensed financial institutions and a peer-to-peer marketplace, and it supported crypto-to-fiat transfers to bank accounts in Brazil via Circle’s payment network.⁠[4][5]

On March 11, 2026, RedotPay announced that it had obtained Virtual Asset Service Provider status in Argentina (registered under No. 144 in the PSAV registry of Argentina’s CNV), money services business (MSB) registration in Canada and a FinCEN MSB registration in the U.S.⁠[6]

In August 2026, BinanceBinanceBinance is a global digital asset trading and multi-asset financial platform launched in 2017 and co-founded by Changpeng Zhao and Yi He. Its business has expanded from spot trading to derivatives, wallets, payments, a public blockchain ecosystem, market data, traditional securities, and artificial intelligence interfaces; its history also includes security incidents, regulatory enforcement across multiple jurisdictions, a 2023 U.S. criminal settlement, and subsequent compliance restructuring.Open the full entry-affiliated companies Nest Trading, Distributed Technologies and Chaintecs Consulting Singapore sued RedotPay co-founders Gao Zhangpeng, Chan Wa Choi and Yao Chao in Hong Kong, and Chaintecs separately sued RedotPay affiliates in Singapore. The plaintiffs allege that RedotPay breached the parties’ partnership agreement by allowing and encouraging Binance Pay funds to be used for prohibited purposes such as topping up RedotPay cards, and that it diverted about 470,000 Binance Card customers to RedotPay; they claim about $472.8 million.⁠[7][8]

The partnership at issue began with a first agreement in November 2023 that ended less than six months later after Binance alleged its funds were used to top up RedotPay cards; a second agreement signed in March 2025 required Binance funds to be segregated and barred using Binance Pay funds to top up RedotPay cards. Binance terminated that agreement in April 2026, citing a merchant partner review.⁠[8]

RedotPay said it would “vigorously defend all claims,” rejected the allegations made against it and its co-founders, and said the proceedings would not affect its day-to-day operations. No judgment has been issued in the cases.⁠[8][7][9]

RedotPay has reportedly planned a U.S. initial public offering raising more than $1 billion at a potential $4 billion valuation; in August 2026 the listing was reportedly delayed to 2027 at the earliest, with the company seeking regulatory approvals in the countries where it operates first.⁠[8][9]

On August 20, 2026, RedotPay announced that its U.S. entity, Red Dot Payment (US), LLC, had obtained its first state-level U.S. money transmitter license (the state was not disclosed), with applications pending in more than 20 other states; the entity had not yet engaged in money transmission. The company said it had more than 8 million users worldwide and reported annualized revenue of about $180 million and annualized payment volume of about $14 billion processed through its non-U.S. regulated payment processors.⁠[10][11]

On September 23, 2026, RedotPay announced that its entity Red Dot Lending (US), LLC had obtained a Regulated Lender License in Idaho and an Installment Loan Company License in Nebraska.⁠[12]

In October 2026, RedotPay posted a notice to users in Japan on its help center, saying the group did not hold Japanese crypto-asset exchange or other business registrations and that its existing services for Japan residents might not meet Japanese regulatory requirements; it had therefore stopped accepting new registrations in Japan and removed its app from the Japanese App Store and Google PlayGoogle PlayGoogle Play is a digital content distribution service operated by Google, centered on the Google Play Store, the app store for Android devices. Its predecessor, Android Market, launched in October 2008 alongside the first Android phone, and in March 2012 it merged with Google Music and the Google eBookstore and was renamed Google Play. As the main distribution channel for Android apps, its commissions, billing rules, and review practices have drawn controversy, including the Epic Games antitrust lawsuit in the United States and penalties under the European Union’s Digital Markets Act.Open the full entry, and services for existing Japan residents would be gradually restricted and eventually ended, with details to follow.⁠[13]

The same notice said RedotPay had acquired BTC Box Co., Ltd. (BTCBOX), a registered crypto-asset exchange operator in Japan, planned to offer services compliant with Japanese law to customers in Japan through it, and would provide financial, technical and other support as its parent company; the company said it valued BTCBOX’s operating track record and team. The timing, price and stake of the acquisition were not disclosed. BTCBOX was registered on September 29, 2017, under Kanto Local Finance Bureau Director No. 00008.⁠[13][14][15][16]

As of October 2026, RedotPay’s website said its mission was to make digital finance accessible, secure and efficient for everyone, and reported more than 9 million users globally in more than 100 countries and $12 billion in annualized payment volume.⁠[17]

Credentials listed on the website also include Hong Kong Money Lender and Trust or Company Service Provider (TCSP) licences, ISO/IEC 27001 certification, PCI DSS compliance and SOC 2 Type II; the website says its U.S. FinCEN registration supports internal operations and cross-border processing and not services to U.S. citizens. Personal products include the card, Scan to Pay, Mobile Top Up, Credit, Send Globally, Send in App, a multi-currency wallet, Earn, Swap, a P2P marketplace, RedotPay Pro and Points & Rewards; business products include RedotPay Connect, Payment Links & Buttons and Online Checkout.⁠[17]

RedotPay: Official website: https://www.redotpay.com/ (opens in a new window)⁠[17]

X: Official account: https://x.com/redotpay (opens in a new window)⁠[17]

LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Official account: https://www.linkedin.com/company/redotpayofficial (opens in a new window)⁠[17]

BTCBOX: Official website: https://www.btcbox.co.jp/ (opens in a new window)⁠[18]