Singapore-based payment solutions provider Red Dot Payment has received Series A funding from GMO Global Payment Fund and Wavemaker Pacific. No financial terms were disclosed.
Red Dot Payment, a Singapore-based Southeast-Asian-focused online payment processing company, has secured Series A funding from two investors, GMO Global Payment Fund, a sister company of GMO Payment Gateway, and Wavemaker Pacific to bring it to the next phase of expansion.
Red Dot Payment’s goal is to provide a secure and reliable processing gateway for all e-commerce merchants. Founded in 2011 by Randy Tan and a group of payment professionals with decades-old experience in Visa, MasterCard and First Data, they sought to fill a gap in the growing online payment space in Southeast-Asia through offering good quality service and innovative online payment solutions to established brands, Small and Medium Enterprises (SMEs) technology start-ups Ryu Muramatsu, director and founding partner of GMO Venture Partners which manages the GMO Global Payment Fund, explained his reasoning behind his investment: “In Red Dot Payment, I see an experienced and dedicated management team with a well thought-out growth strategy. I am confident that Red Dot Payment can expand on its current footprint, and we are very happy for GMO Payment Fund to be part of their growth story”.
Paul Santos, partner at Wavemaker Pacific, said “Randy and his team have built a suite of payment solutions that truly meet the needs of businesses and consumers in Southeast Asia. We believe offerings like regional currency processing and settlement have contributed to the company’s growing traction and momentum.”
Randy, the founder and Managing Director of Red Dot Payment, enthuses: “The online ecommerce space is such an exciting place to be in today. Every day you hear new ecommerce stores and technology start-ups setting up. Aside from generating traffic, they have to find a way to accept online payment and Red Dot Payment is here and ready to be their trusted partner. Red Dot Payment is constantly in product and platform development in order to create the solutions that our merchants need. With the partnership of GMO and WaveMaker Pacific, we hope to strengthen our brand and presence in Southeast Asia”.
About Red Dot Payment
Red Dot Payment is the leading payment solutions provider in Asia Pacific for banks, acquirers and merchants. With our scalable solutions, we enable merchants and financial institutions to provide complete end-to-end payment options for their customers worldwide to pay seamlessly, swiftly and securely.
Founded by a group of visionary financial payment experts, Red Dot Payment is incorporated in Singapore and is managed by a team whom has led Fortune 500 Multi-National Companies. Bringing best-in-class practices, we are the trusted partners of banks, merchants, payment schemes, Payment Gateways, non-banking Financial Institutions, and security and fraud management system providers.
About GMO Payment Gateway Inc.
GMO Payment Gateway, Inc. (TSE: 3679) is a publicly-traded and largest online payment processing service provider in Japan, offering solutions which includes online transaction processing for online stores, social and smartphone content sellers, and processing recurring payments of NHK television license fees. The company also provides dedicated payment solutions for public institutions including the Japanese Pension Service and Tokyo Metropolitan Government. The company processes more than USD 14 billion annually in a USD 110 billion online commerce market in Japan.
The company’s services are secure and convenient for both merchants and consumers. As the largest payment processing service in Japan, GMO Payment Gateway is an innovation leader and key contributer to the growth and development of e-commerce in Japan.
About Wavemaker Pacific
Wavemaker Pacific is a venture capital firm that invests in early stage technology companies in Southeast Asia. The firm’s partners are former entrepreneurs who have collectively invested in more than 120 companies around the world. Wavemaker Pacific is the Singapore/SEA representative of the DFJ Global Network which comprises 15 venture capital firms across 4 continents that have backed successes like Hotmail, Baidu, Skype, Twitter and Tesla.