Crypto payment platform RedotPay announced it has secured $40 million Series A funding led by Lightspeed and joined by HSG, Galaxy Ventures, DST Global Partners, Accel, and Vertex Ventures.

The firm is a new breed of payment processing service launched in April 2023 as an alternative banking method, especially for the unbanked.

It has more than 3 million registered users globally, reflecting the increasing adoption of crypto-based payment solutions on the platform.

RedotPay is focused on unifying both fiat and cryptocurrencies into a single payment ecosystem. Proceeds will be for platform development, regulatory compliance, and new market expansion.

According to Will Nuelle, General Partner, Galaxy Ventures payments are at the very center of financial infrastructure, and crypto payments are a core part of that going forward. 

He added that easier, more seamless integration of digital assets and everyday transactions is a key mover to wider adoption.

The investment round highlights investor interest in the crypto payment sector, which has gained traction in mainstream financing. RedotPay said it will utilize the funds to fine-tune its technology, expand its licensing footprint, and amplify its regulatory compliance measures.

PwC Corporate Finance and the Venture & Growth teams acted as the RedotPay Series A financing round advisors.

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