Singapore’s Red Dot Payments receives investment led by Telkom’s VC arm
Red Dot Payment, a Singaporean online payments company, announced today that it received an investment round led by MDI Ventures, to the tune of “seven figures” in US dollars. MDI is the corporate venture arm of Indonesia’s largest telco, Telkom.
The startup’s existing investors, Japan’s GMO Venture Partners, Wavemaker Partners, and Skype co-founder Toivo Annus, also joined this round.
What makes Red Dot Payments stand out among similar providers, like 2C2P from Singapore and Veritrans in Indonesia, is that it aims to solve specialized, industry-specific payments needs. It has, for example, a suite of tools just for hotels. Other key areas it looks at are insurance providers and charities.
“With an increasing adoption of ecommerce and online transactions in the region, different types of industries [will need a solution] more focused toward their specific needs. Red Dot Payment provides these advantages,” MDI Ventures CEO Nicko Widjaja explains the investment.
Red Dot Payments is already active in markets outside of Singapore, namely Thailand and Indonesia. The new funds are meant to be allocated to further regional expansion.