On Sept. 4, 2014, Singapore-based Southeast-Asian-focused online payment processing company – Red Dot Payment – announced that it had acquired funding from two investors, Wavemaker Pacific and GMO Global Payment fund, via Series A Round to bring the company to its next phase of expansion.
“In Red Dot Payment, I see an experienced and dedicated management team with a well thought-out growth strategy,” stated Ryu Muramatsu, director and founding partner of GMO Venture Partners, in the same release. “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,” he added.
- Red Dot Payment says that its goal is to provide a secure and reliable processing gateway for all e-commerce merchants.
- It was founded in 2011 by Randy Tan and a group of payment professionals with decades-old experience in Visa, MasterCard and First Data.
- Red Dot seeked 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, SMEs as well as technology start-ups.
- Their scalable solutions enable merchants as well as financial institutions to provide complete end-to-end payment options for their users worldwide.
- The amount of funding received by Red Dot has not yet been disclosed. Watch this space for an update.
According to Randy, the founder and Managing Director of Red Dot Payment, the online ecommerce space is such an exciting place to be in today, and every day you hear new ecommerce stores as well as 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,” he commented.
“Randy and his team have built a suite of payment solutions that truly meet the needs of businesses and consumers in Southeast Asia,” commented Paul Santos, partner at Wavemaker Pacific, in a press release. “We believe offerings like regional currency processing and settlement have contributed to the company’s growing traction and momentum.”