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RedotPay was founded in Hong Kong in April 2023 with the mission of bridging the gap between traditional finance and the world of cryptocurrency. Co-founded by Michael Gao and Jonathan Chan, the company has rapidly gained millions of users by offering a crypto payment platform focused on accessibility and financial inclusion, particularly for the unbanked in emerging markets.
The company's journey
A solution for underserved markets: The founders initially saw a gap in the market for a tool that allowed crypto users to make everyday purchases with digital assets. However, they soon recognized an even larger demand in regions like Africa, South America, and the Middle East, where many lacked access to stable and efficient financial systems. This led them to expand their vision beyond simple crypto spending to a more holistic financial platform.
Virtual and physical cards: In late 2024, RedotPay launched its crypto card program, including both virtual and physical Visa cards, to help users spend their digital assets in the real world. These cards can be used for online shopping, subscriptions, and even ATM withdrawals.
Significant funding and "unicorn" status: RedotPay secured a $40 million Series A funding round in March 2025, led by Lightspeed Venture Partners. Just six months later, in September 2025, the company reached "unicorn" status—a valuation of over $1 billion—after closing a $47 million strategic investment round. This second round included participation from major investors like Coinbase Ventures, Galaxy Ventures, and Vertex Ventures.
Launch of "Global Payout": In June 2025, the company launched its "Global Payout" service, which allows users to send stablecoins and other digital assets and have recipients receive local currency directly in their bank accounts or e-wallets. This feature has gained significant traction in regions like Latin America.
