RedotPay Seeks $150 Million New Funding, Targets $4 Billion Valuation in US IPO

Hong Kong-based stablecoin payment unicorn RedotPay is in talks with multiple institutions to raise up to $150 million in new funding, just months after completing over $150 million across two rounds in 2025, as it targets a valuation exceeding $4 billion through a US listing as soon as this year.

The company, backed by Coinbase Ventures and Circle Ventures, is pursuing its IPO plans without a chief financial officer while grappling with senior executive turnover—at least five hires have lasted less than 12 months in the past year, with the compliance chief position changing twice. RedotPay’s annualized total payment volume surpassed $10 billion in December 2025, more than doubling year-on-year, with revenue reaching $158 million and over 6 million users across 100 countries.

The company’s rapid growth is accompanied by organizational challenges and sensitivities surrounding its connections to mainland China, including co-founders with ties to crypto exchange Huobi and a Shenzhen-based engineering team that relocated to Hong Kong in 2025 due to U.S. investor concerns.

New Funding Round and IPO Ambitions

Capital Raise Details

RedotPay is currently negotiating with potential investors for a new funding round of up to $150 million. The talks follow the company’s previous fundraising success in 2025, when it raised over $150 million across two rounds in September and December from backers including Coinbase Ventures and Circle Ventures.

A company spokesperson stated that RedotPay remains open to strategically valuable investors but emphasized there is “no urgency for funds given strong cash flow.”

Public Listing Target

The stablecoin payment startup, currently valued at over $1 billion, aims to achieve a valuation exceeding $4 billion through a U.S. public listing as soon as this year. The company is positioning itself to emulate Revolut, the British fintech with aspirations to become a $100 billion firm, according to CEO Michael Gao’s guidance to staff.

Executive Turnover and Organizational Challenges

Senior Leadership Instability

Insights from investors and current and former staff reveal significant leadership turnover:

• At least five senior hires lasted less than 12 months over the past year

• The compliance chief position turned over twice within approximately 12 months

• Growth and product teams have also been impacted by departures

CFO Position Vacant

RedotPay is currently pursuing its IPO plans without a chief financial officer. The company’s finance division is overseen by a head of finance and corporate development lead. A company spokesperson stated: “We may appoint a CFO at a later stage as the need arises.”

Work Culture

The company’s hard-charging style has created a work culture that some employees found demanding. The Shenzhen-based engineering team was at times subjected to schedules requiring staff to work until 10 p.m. for weeks at a time, resembling the “996” system prevalent among Chinese tech firms.

In response, a RedotPay spokesperson said: “At our annual all-staff meeting in January 2026, our CEO promoted work-life balance and discouraged overtime,” adding that teams have been consolidated to improve collaboration and efficiency.

Mainland China Connections and Sensitivities

Founding Team Background

RedotPay’s connection to mainland China has drawn attention as the company pursues its U.S. IPO. Co-founder Dawei Yuan is a former co-founder and operations director of Huobi, the crypto exchange established in Beijing in 2013 (now known as HTX). Chief Operating Officer Troy Yao, another former Huobi veteran, previously led a team of software engineers in Shenzhen.

Engineering Team Relocation

The Shenzhen-based engineering team overseen by Yao was relocated to Hong Kong during 2025 after some of the startup’s U.S. investors expressed concerns over its location. The company currently has approximately 250 employees, predominantly based in its Hong Kong office, with some compliance and customer support staff in Kuala Lumpur.

Investor Disclosure

RedotPay’s venture backers include prominent American firms such as Lightspeed Venture Partners, Goodwater Capital, and Accel. However, investor materials from December 2025 also show participation from Beijing-based Gaorong Ventures and Haun Ventures. Gaorong’s involvement was not more widely disclosed due to sensitivities around Beijing’s position on cryptocurrency, while Haun’s investment was not disclosed because it was small. A RedotPay spokesperson declined to comment on these investments due to confidentiality considerations.

Regulatory Compliance

RedotPay does not serve customers in mainland China, consistent with Beijing’s longstanding ban on crypto usage.

Business Model and Growth Metrics

Core Product

Launched in June 2023, RedotPay’s core product combines a mobile application with a Visa-issued card. Users can hold stablecoins in the app and use the card for everyday purchases—such as paying for coffee or online shopping—while the platform also offers yield on stablecoin holdings and remittance products.

Rapid Growth

Investor materials show significant growth metrics:

• Annualized total payment volume: Surpassed $10 billion in December 2025, more than doubling year-on-year

• Revenue: Reached $158 million, doubling from the previous year

• User base: Over 6 million users across more than 100 countries

Growth Drivers

According to the company spokesperson, growth has been driven mainly by “product innovations that solved the pain points of customers using stablecoins for daily transactions.” Lightspeed Venture Partners partner Pachara Lawjindakul, who led RedotPay’s Series A round, commented: “The rate of product development is really fast. That’s what it takes to break through the noise.”

Corporate Structure

RedotPay’s holding company is Rabbit7 Holding (BVI) Ltd., a British Virgin Islands entity. The name reflects its seven co-founders incorporating the company in 2023, the Year of the Rabbit in the Chinese zodiac, with the goal to “execute and move fast, just like rabbits,” according to the company spokesperson.

Frequently Asked Questions

What is RedotPay’s current funding and IPO status?

RedotPay is in talks to raise up to $150 million in new funding, following over $150 million raised in two 2025 rounds from Coinbase Ventures and Circle Ventures. The company, currently valued at over $1 billion, targets a $4 billion+ valuation through a U.S. IPO as soon as this year, though it is proceeding without a CFO.

What governance challenges is RedotPay facing ahead of its IPO?

The company has experienced significant executive turnover, with at least five senior hires lasting less than 12 months in the past year, including two changes in the compliance chief role. It is pursuing its IPO without a chief financial officer, and its Shenzhen-based engineering team relocated to Hong Kong in 2025 due to U.S. investor concerns about mainland China ties.

How does RedotPay’s business model work?

RedotPay offers a stablecoin payment platform combining a mobile app with a Visa card. Users can hold stablecoins in the app, use the card for everyday purchases, earn yield on holdings, and access remittance services. The company reports over $10 billion in annualized payment volume, $158 million in revenue, and more than 6 million users across 100 countries.