Red Dot Payment

Last updated
Red Dot Payment
Red Dot Payment logo.png
Founded2011
Country of origin Singapore
Area servedSingapore, Thailand, Indonesia
Founder(s) Randy Tan
IndustryPayment Gateway
URL https://reddotpayment.com/

Red Dot Payment (RDP) is an online payment service provider headquartered in Singapore. The fintech company provides online payment gateway systems, payment consulting and merchant acquisition services for businesses that require the processing of online credit card transactions. [1]

Contents

History

Established in 2011, Red Dot Payment (RDP) was founded by Randy Tan, [2] [3] [4] who is currently acting as its managing director. Initially starting out in Singapore, it has expanded to other regions of Southeast Asia such as Thailand and Indonesia.

In 2014, Red Dot Payment acquired funding from investors, GMO Global Payment Fund [5] and Wavemaker Pacific. [5] In the same year, Red Dot Payment started supporting MasterPass, [6] enabling their merchants' payment page to be used with MasterPass.

In 2015, Red Dot Payment became partners with Sourceguru [7] and provided digital payments service to them.

In 2016, Red Dot Payment secured a seven-figure funding by MDI Ventures, the venture arm of Indonesia's Telkom. [8]

In 2017, Red Dot Payment partnered with Ascott to provide them with secure online payments. [9] Red Dot Payment now provides online payment for both e-commerce and hotels. [10] Within the same year, the company closed an investment of $5.2M Series B round [11] [12]

Red Dot Payment formed an alliance with e-commerce services companies Shopmatic and iCommerce Asia, to offer services to South-east Asian region's e-commerce market. [13] [14]

In 2018, David Lee joined Red Dot Payment as its Director effective February 2018. [15] [16]

Red Dot Payment signed a Memorandum of Understanding with Finserve Africa Limited at the opening of Enterprise Singapore Nairobi Centre. [17] [18] It is one of the Singaporean fintech companies to enter Africa and provide digital finance services. [19] [20] [21]

In July 2019, fintech and e-payment business PayU took a majority stake in Red Dot Payment. The deal valued Red Dot Payment at US$65 million and saw founder and CEO Randy Tan retain a stake in the firm, while majority of its shareholders exited. [22]

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References

  1. ↑ Pang, Jaslene (18 March 2014). "Filling a gap in e-payment modes". SME INC. The Business Times. Retrieved 1 April 2015.
  2. ↑ Ong, Geralyne Kaye (7 July 2015). "Feel Like You Are Too Old To Be an Entrepreneur? Think Again". Tech Storm. Tech Storm.
  3. ↑ "RED DOT PAYMENT, INTERVIEW WITH MD RANDY TAN". FinSMEs. 21 November 2014.
  4. ↑ Bloomberg Business [ dead link ]
  5. 1 2 Daniel Tay (2 September 2014). "Red Dot Payment raises series A round to bring payment solution to Southeast Asia". Tech In Asia.
  6. ↑ "More Singapore Merchants and Banks Choose MasterPass". 12 November 2014.
  7. ↑ Daniel Tay (24 February 2015). "Not just another talent marketplace: Sourceguru has a plan to beat Elance-oDesk". Tech In Asia.
  8. ↑ Freischlad, Nadine (12 August 2016). "Singapore's Red Dot Payments receives investment led by Telkom's VC arm". Techinasia. Retrieved 12 August 2016.
  9. ↑ Lee Xin En (14 March 2017). "Start-ups partnering large corporates". The Straits Times. Retrieved 9 May 2017.
  10. ↑ "Red Dot Payment carves niche in e-commerce with omni channel payment solutions". South China Morning Post. 11 August 2017.
  11. ↑ Ellis, Jack (11 September 2017). "Singapore's Red Dot Payment scores $5m to help more companies do ecommerce". Tech In Asia.
  12. ↑ Russell, Jon (11 September 2017). "Singapore's Red Dot Payment closes $5.2M Series B round". TechCrunch.
  13. ↑ Wong, Kai Yi (9 November 2017). "3 local e-commerce services firms bag $100,000 deal under IE Singapore initiative". The Straits Times.
  14. ↑ Shiao, Vivien (9 November 2017). "More SMEs band together to win regional e-commerce projects: IE Singapore". The Straits Times.
  15. ↑ "Former Visa AP President and UnionPay Executive David Lee Joins Red Dot Payment". Red Dot Payment. 26 April 2018.
  16. ↑ "Former Visa AP President and UnionPay Executive David Lee Joins Red Dot Payment". Asia One. 27 April 2018.
  17. ↑ Heng, Janice (13 June 2018). "Enterprise Singapore opens overseas centre in Kenya, its third in Africa". The Straits Times. Retrieved 13 June 2018.
  18. ↑ Enterprise Singapore, Enterprise Singapore (9 July 2018). "Enterprise Singapore opens overseas centre in Kenya to spearhead Singapore companies' entry into fast-growing East Africa". SMEPortal.sg. Retrieved 9 July 2018.
  19. ↑ Leow, Annabeth (17 Aug 2018). "Singapore fintech firms joining the dots in Africa's digital frontier". Business Times.
  20. ↑ "Singapore fintech firms joining the dots in Africa's digital frontier". www.enterprisesg.gov.sg. 17 Aug 2018. Retrieved 2018-08-17.
  21. ↑ Teo, Michelle (27 August 2018). "Giving Singapore businesses a boost in Africa | Video". Channel Newsasia.
  22. ↑ hermesauto (2019-07-05). "Fintech PayU takes majority stake in Singapore e-payment firm Red Dot Payment". The Straits Times. Retrieved 2020-12-14.
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