RedotPay, a stablecoin payment corporations headquartered in Hong Kong, said on the 16th that it recently raised a $107 million series B round, or about 160 billion won.
RedotPay's series B round was led by Goodwater Capital, a leading venture capital firm in Silicon Valley, with new investments from Pantera Capital, Blockchain Capital, and Circle Ventures. With this round, RedotPay's total fundraising this year jumped to $194 million, or about 290 billion won.
Launched in Hong Kong in 2023, RedotPay has grown rapidly and, in two years, is being used in more than 100 countries worldwide. It is particularly widely used in countries with limited financial infrastructure; as of last month, it had 6 million users in more than 100 countries worldwide and recorded an annual payment volume of $10 billion.
RedotPay's annual revenue through this is estimated at $150 million, or about 220 billion won. Earlier, in March, RedotPay secured a $40 million series A investment from venture capital firms, or about 59 billion won.
Jin Oh, a partner at Goodwater Capital, said, "RedotPay has excelled with stablecoin-based solutions in key markets and is improving global financial access," and noted, "It is accelerating innovation through use cases for stablecoins." RedotPay chief Michael Gao said, "We will continue to focus on compliance while accelerating innovation in stablecoin-based financial services and product launches."