RedotPay, a Hong Kong-based stablecoin payments startup, faces internal strain and executive turnover as it seeks up to $150 million in fresh funding and works toward a U.S. IPO that could value the company at more than $4 billion.
These ambitions are clouded by the management’s turnover. With at least five senior hires to go within 12 months, the company is pursuing its IPO plans without a CFO. Staff have often been asked to work late for extended periods, according to a Bloomberg report.
The fundraising talks come just months after RedotPay raised more than $150 million across two rounds in September and December. It remains open to strategic investors but faces no pressure to raise funds due to strong cash flow, Bloomberg said.
The company has grown rapidly. Investor filings show annual payment volume passed $10 billion in December, while revenue doubled to $158 million. RedotPay says it now serves more than 6 million users in over 100 countries.
Its main product is a stablecoin payment app linked to a Visa card. Users can store stablecoins in the app and spend them at merchants or online, while the platform also offers remittance services and returns on some holdings.
