Finance
What to know:
- RedotPay is pursuing a $4 billion U.S. IPO despite losing at least five senior hires in 12 months and lacking a chief financial officer.
- The company’s internal strain, including reports of required long working hours for staff, overshadows its push for a high-stakes U.S. listing.
- The stablecoin firm has nevertheless seen strong growth, doubling revenue and passing $10 billion in annualized payment volume.
RedotPay, a Hong Kong-based stablecoin payments startup, is facing 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. One might say the enterprise is as stable as a Russian novel-full of intrigue, upheaval, and a cast of characters who frequently vanish.
Those ambitions are being clouded by executive turnover. At least five senior hires left within 12 months, and the company is pursuing its listing plans without a chief financial officer. Staff, according to a Bloomberg report, have often been asked to work late for extended periods. A curious choice, one might think, for a firm whose very name suggests stability. Perhaps the founders believe that prolonged labor is the truest form of currency.
The fundraising talks come only months after RedotPay raised more than $150 million across two rounds in September and December. It remains open to strategic investors, but does not face pressure to raise funds because of strong cash flow, Bloomberg said. How delightful! A company so flush with cash it can afford to ignore the whims of venture capitalists. A rare feat, akin to finding a needle in a haystack-only the haystack is made of gold.
The company has grown fast. Investor materials show annualized 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. One wonders if the users are aware they are part of a financial experiment, or if they simply enjoy the convenience of a Visa card tied to a stablecoin. Either way, the numbers speak louder than the sighs of overworked employees.
Its main product is a stablecoin payments 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 yield on some holdings. A marvel of modern finance, where the only thing more volatile than the market is the loyalty of the staff. Perhaps the company should consider issuing a “loyalty token” for its employees-though given the turnover, it might be worth less than a bag of potatoes.
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2026-03-18 16:08