With ecommerce on the rise in Asia, it is only natural that payment solutions will soon follow suit in order to keep up. It therefore comes as no surprise that Red Dot Payment, a Singapore-based online payment processing company with a focus on Southeast Asia, has announced that they have secured series A funding “in the low millions” from two investors, GMO Global Payment Fund, a sister company of GMO Payment Gateway, and Wavemaker Pacific.
Red Dot Payment was founded back in 2011 by managing director Randy Tan and a group of payment professionals who have decades worth of experience in payment-related companies, such as Visa and MasterCard.
The company offers a suite of products focused on Southeast Asia. It has a payment gateway that doesn’t require coding skills on the merchant’s part, an invoicing tool, a promotions platform, and a service that turns social media pages into stores.
Tan says he is thrilled to be a part of the ecommerce boom. “Every day, you hear of new ecommerce stores and technology startups setting up. Aside from generating traffic, they have to find a way to accept online payments, and Red Dot Payment is here and ready to be their trusted partner,” he enthuses. Without revealing actual numbers, he says the company has seen a 100 percent year-on-year growth in merchant traction.
Ryu Muramatsu, director and founding partner of GMO Venture Partners, is betting on the payment firm’s experienced team and growth strategy, which he believes will bring Red Dot Payment to the next level. Likewise, Paul Santos, partner at Wavemaker Pacific, thinks that the team has built a suite of payment solutions that truly meet the needs of businesses and consumers across Southeast Asia.