Red Dot Payment, a Singaporean online payments company, announced today that it received a seven figure investment round led by MDI Ventures, reports Tech in Asia. MDI Ventures is the corporate venture arm of Indonesia’s largest telco, Telkom.
The startup’s existing investors, such as Japan’s GMO Venture Partners, Wavemaker Partners and Skype Co-Founder Toivo Annus, also participated in this round.
What is Red Dot Payments?
What differentiates Red Dot Payments from other similar providers such as Singapore’s 2C2P, is the fact that it caters to specialized, industry specific payments needs. For example, it has a suite of tools just for hotels. Other key areas it specializes in 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 need,” says Nicko Widjaja, MDI Ventures CEO.
The online payments company provides online payment gateway systems, payment consulting and merchant acquisition services for businesses, and supports various different methods of payment such as Visa, MasterCard, TenPay and Alipay.
It offers various services such as InstanPromo, which provides customers with the option to choose from a list of available promotions before making payment, and InstanCollect, an e-invoicing solution for businesses with no online presence.
Red Dot Payments is currently already active in markets outside of Singapore, such as Thailand and Singapore. The new funds are meant to be allocated for further regional expansion.
Telkom’s VC, MDI Ventures is heavily focused on fueling the ecommerce growth in Southeast Asia. They also announced a $10 million funding round for aCommerce, a leading ecommerce service provider in the region.
A version of this appeared in Tech in Asia on August 12. Read the full version here.