Singapore’s Red Dot Payment, a payment gateway startup founded by a team of ex Visa and MasterCard executives, has closed a $5.2 million Series B round to grow its business.
Existing backers GMO Venture Partners from Japan, Wavemaker Partners, Skype co-founder Toivo Annus and MDI Ventures put into the round. New investor DORR Group also took part. The startup previously raised an undisclosed Series A and took investment from Indonesia-based operator Telkomsel.
Beyond enabling online payments via a gateway, Red Dot offers services such as online invoicing, recurring payments, alternative payments and more. It also works directly with clients for specialist requirements, and has dedicated products for hotels and the hospitality industry.
The company said this new money will go towards developing R&D and tech solutions, and increasing its team and capabilities across Asia. Some of the payment processor rivals in Southeast Asia Asia include 2C2P, Omise and Midtrans.