Crypto payments firm RedotPay raises $40 million from Lightspeed, Galaxy Ventures and others

RedotPay, a crypto payment platform aimed at allowing users to spend digital assets with ease, has raised $40 million in a Series A funding round led by Lightspeed, the company said on Friday.

Founded in 2023, RedotPay has over 3 million users across the globe, according to a statement. The "crypto card and payment platform’s rapid adoption underscores the growing demand for crypto-based payment solutions in everyday transactions," the company also said.

"RedotPay’s platform is already revolutionizing financial access for millions who lack access to traditional banking," said Lightspeed Partner Pinn Lawjindakul, according to the statement.

For years, companies have been working to offer digital asset holders practical ways to spend their crypto and engage with the broader fiat-based economy. Major players in this space include Revolut and PayPal.

Galaxy Ventures, HSG, DST Global Partners, Accel, and Vertex Ventures were other investors in RedotPay's Series A round, according to the statement. 

"Crypto payments are no longer a niche concept—they are becoming a fundamental part of the global financial infrastructure," added Galaxy Ventures General Partner Will Nuelle.