Red Dot Payment (RDP) is an online

payment service provider A payment service provider (PSP) is a third-party company that assists businesses to accept electronic payments, such as credit cards and debit cards payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and thos ...

headquartered in

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

. 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.

History

Established in 2011, Red Dot Payment (RDP) was founded by Randy Tan, who is currently acting as its managing director. Initially starting out in Singapore, it has expanded to other regions of

Southeast Asia Southeast Asia, also spelled South East Asia and South-East Asia, and also known as Southeastern Asia, South-eastern Asia or SEA, is the geographical United Nations geoscheme for Asia#South-eastern Asia, south-eastern region of Asia, consistin ...

such as

Thailand Thailand ( ), historically known as Siam () and officially the Kingdom of Thailand, is a country in Southeast Asia, located at the centre of the Indochinese Peninsula, spanning , with a population of almost 70 million. The country is bo ...

and

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...

. In 2014, Red Dot Payment acquired funding from investors, GMO Global Payment Fund and Wavemaker Pacific. In the same year, Red Dot Payment started supporting MasterPass, enabling their merchants' payment page to be used with MasterPass. In 2015, Red Dot Payment became partners with Sourceguru 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. In 2017, Red Dot Payment partnered with Ascott to provide them with secure

online payment An e-commerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become incre ...

s. Red Dot Payment now provides online payment for both e-commerce and hotels. Within the same year, the company closed an investment of $5.2M Series B round 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. In 2018, David Lee joined Red Dot Payment as its Director effective February 2018. Red Dot Payment signed a Memorandum of Understanding with Finserve Africa Limited at the opening of Enterprise Singapore Nairobi Centre. It is one of the Singaporean fintech companies to enter Africa and provide digital finance services. 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.

References

{{Payment service providers Financial services companies established in 2011 Payment service providers Merchant services Online payments Electronic funds transfer Financial services companies of Singapore

History

See also

References