How Did RedotPay Gain 2.5 Million New Users in One Year?

Welcome to this week’s newsletter, where we spotlight Jonathan Chan, Co-founder of RedotPay, the Hong Kong-based crypto payment startup that’s revolutionizing the way users interact with crypto in their daily lives. With over 2.5 million new users from 100+ countries since the product's launch in late 2023, RedotPay has proven the power of partnerships and innovation in scaling a startup globally. Jonathan shares the company’s journey—focusing on overcoming challenges, leveraging partnerships, driving user growth, and creating a seamless crypto-to-fiat payment ecosystem.  

Who is Jonathan?

Jonathan Chan is the Co-founder and Head of Partnerships at RedotPay, a Hong Kong-headquartered young crypto payment company. With a background in blockchain, payments, and banking, Jonathan specializes in building strategic partnerships that drive user growth. He is passionate about solving crypto-to-fiat challenges and promoting financial inclusion globally.

The Vision Behind RedotPay 

RedotPay was founded in April 2022 with a mission to bridge the gap between crypto and fiat for retail users—an area where existing solutions fell short. While institutional users could easily off-ramp crypto into bank accounts, retail users faced significant barriers. Jonathan and his six co-founders, with backgrounds in crypto, payments, and banking, launched their flagship crypto card in October 2022, allowing users to spend crypto as seamlessly as fiat.  

“For retail users, off-ramping crypto into bank accounts is a major pain point. We wanted to solve this by leveraging partnerships with trusted brands.” 

Through partnerships, RedotPay integrated with Apple Pay, Google Pay, and other payment gateways, quickly expanding its global reach. The result? A 2.5M user base spanning over 100 countries since the products launch in late 2023, without significant marketing investment. 

Partnerships: The Cornerstone of Growth  

For RedotPay, strategic partnerships were integral to its rapid success. Jonathan emphasized that partnerships are crucial for building trust and credibility, especially for startups entering a new market.  

“At the beginning, no one knows you. Partnering with a trusted brand eliminates trust issues and builds credibility with users.” 

Key Factors in Successful Partnerships  

1. Credibility: Aligning with globally recognized brands like Binance established trust with users and partners alike.  

2. Market Reach: Leveraging partners’ global influence allowed RedotPay to scale quickly with limited resources.  

3. Mutual Value: Partnerships were designed to be mutually beneficial, solving pain points for both users and partners.  

For example, RedotPay’s partnership with Binance Pay simplified the user experience by allowing crypto deposits without incurring blockchain gas fees. This integration not only benefited RedotPay users but also enhanced Binance’s ecosystem by providing an off-ramp for crypto.  

“Partnerships aren’t transactional. To succeed, you need to provide value to your partner while solving user pain points.” 

Overcoming Challenges in Building Partnerships  

Building partnerships with established companies wasn’t easy, especially before the product launch. Jonathan recalled the difficulty of convincing potential partners to collaborate when RedotPay was still in the development phase.  

“Many dismissed us, saying, ‘Why should we trust you over existing solutions?’”  

To overcome this, Jonathan and his team focused on:  

- Continuous Engagement: Regularly updating partners on product development, new features, and positive market news.  

- Building Momentum: Highlighting the company’s vision and commitment to solving real pain points.  

“Partnerships with companies like Binance and Circle aren’t built in a day. It’s an ongoing process of showing your value and grabbing opportunities when they come.” 

Balancing Partnerships and Digital Marketing  

While partnerships drove initial growth, RedotPay is now balancing this strategy with digital marketing to expand its user base further.  

“We’ve grown beyond a niche market. Partnerships remain crucial, but now we’re focusing on digital marketing to target a wider audience.” 

Jonathan explained that partnerships now play more of a supporting role, focusing on expanding the product ecosystem. For example, new payment partnerships are being developed to create additional use cases for users, such as enabling crypto-to-fiat transfers.

From Spending to Sending: The Future of Crypto Payments  

RedotPay’s current mission is captured in its slogan: “Spend Crypto Like Fiat.” But the next step in their roadmap is enabling users to “Send Crypto Like Fiat.”  

“We want users to seamlessly transfer crypto to fiat and use it for everyday transactions. This requires more payment channels, new licensing, and deeper partnerships with payment providers.” 

After acquiring licenses in Hong Kong, the European Union amongst others, the company is further acquiring licenses in key jurisdictions, including the UAE, Argentina, and Southeast Asia, to make this vision a reality.  

Driving Financial Inclusion with Blockchain  

Beyond serving existing crypto users, RedotPay is working to improve financial inclusion in underserved regions.  

“In some parts of the world, people don’t even have access to basic payment infrastructure. Blockchain allows us to lower costs and increase efficiency, making financial services accessible to everyone.” 

For many users, RedotPay is their first financial tool. The app’s intuitive interface balances simplicity with robust security, ensuring accessibility while maintaining trust.  

“In regions with poor local currencies and high inflation, banks often give up on serving people because the costs are too high. Blockchain provides an efficient, low-cost alternative.” 

Jonathan’s Advice on Building Partnerships  

Jonathan shared actionable insights for startups looking to build effective partnerships:  

1. Understand Partner Needs: Research your partner’s pain points and how your product can address them.  

2. Prepare Thoroughly: Ensure your product, compliance, and infrastructure meet partner requirements before approaching them.  

3. Let the Product Speak: Deliver a high-quality product that demonstrates value and builds trust.  

“If you can truly help your partner, your position will naturally equalize or improve. Deliver value, and the partnerships will follow.” 

Exciting Roadmap Ahead  

RedotPay’s future roadmap includes expanding its ecosystem and introducing new use cases for crypto users:  

1. Seamlessly Sending Crypto: Integrating with payment providers to allow users to transfer crypto to fiat and send it to local banks.  

2. Expanding Licensing: Acquiring regulatory approvals in more regions to enhance accessibility and compliance.  

3. Creating New Use Cases: Partnering with platforms to make crypto more usable in everyday life.  

“Our long-term vision is to make crypto as usable as fiat, whether it’s spending or sending. Once we achieve this, every crypto user will want to use our platform.” 

Conclusion  

RedotPay’s journey is a testament to the power of partnerships, persistence, and innovation. By solving real-world pain points and driving financial inclusion, they’ve created a product that resonates globally.  

As Jonathan puts it, “The product speaks for itself.”  

Stay tuned for more updates on RedotPay’s mission to transform crypto payments. For the latest news, follow them on LinkedIn, Twitter, or visit https://www.redotpay.com/.  

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