Hong Kong crypto startup Redotpay secures unicorn status

Redotpay, a Hong Kong-based crypto payment startup, has reached unicorn status after completing a $47 million funding round. Investors in the round included Coinbase Ventures, Vertex Ventures – the venture capital arm of Singapore's Temasek, Galaxy Ventures, and an unnamed global technology entrepreneur.

Founded in 2023 by former banker Michael Gao, Redotpay provides prepaid cards for cryptocurrency payments, including Bitcoin and stablecoins, accepted by approximately 130 million merchants. Its app enables cryptocurrency and fiat transfers, crypto-backed loans, earning interest on digital assets, and crypto-to-fiat exchanges. Redotpay has over 5 million users and reports an annualized transaction volume of $10 billion.

The funds raised will be used to expand services globally and obtain regulatory licenses. Hong Kong introduced a regulatory framework for stablecoin issuers in August 2025. This latest funding round follows a $40 million round six months earlier, led by Lightspeed Venture Partners.