RedotPay, a Hong Kong stablecoin payments startup, is seeking up to $150 million in a new funding round while targeting a U.S. listing as early as this year at a valuation above $4 billion. Bloomberg reported that the company is pushing ahead even as it faces frequent executive departures and unresolved questions over its China connections.
Payments volume and revenue climbed sharply
Investor materials reviewed by Bloomberg show RedotPay’s annualized payments volume had surpassed $10 billion by December 2024, more than doubling from a year earlier. Annual revenue also doubled to $158 million. The company said it has more than 6 million users across over 100 countries. Those figures help explain why RedotPay has drawn fresh investor attention in a crowded stablecoin payments market.
At least five senior hires lasted less than a year
Bloomberg said it spoke with 11 people close to the company, including investors as well as current and former employees. According to those accounts, at least five executives stayed in their roles for no more than 12 months, and the chief compliance officer position has already changed hands twice. The report also said RedotPay is moving toward a U.S. IPO without a CFO in place.
Some people described a demanding internal culture, saying staff were routinely asked to work until 10 p.m. for weeks at a time. A company spokesperson told Bloomberg that RedotPay has strong cash flow and no urgent need to raise capital, though it remains open to investors that can bring strategic value.
Fresh fundraising follows two recent rounds
RedotPay completed two financing rounds in September and December last year, raising more than $150 million in total. Named backers include venture arms affiliated with Coinbase and Circle, along with Goodwater Capital, Accel, and Haun Ventures. Only a few months later, the company is said to be discussing another raise of up to $150 million.
On its IPO plans, RedotPay told Bloomberg that an offering is “one of the options currently under consideration” and that it is still evaluating various capital markets opportunities. The company did not commit to a firm listing timetable.
Shenzhen engineering team moved to Hong Kong
Its China links remain a sensitive issue. Co-founder Dawei Yuan previously served as a co-founder and chief operating officer at Huobi, now known as HTX. Current COO Troy Yao also has a Huobi background and, until last year, managed software engineering teams in Beijing and Shenzhen.
Bloomberg reported that RedotPay’s Shenzhen engineering team relocated to Hong Kong at some point in 2025 after some U.S. investors raised concerns about where the team was based. The company now has about 250 employees, mostly in Hong Kong, with some compliance and customer service staff in Kuala Lumpur. The report also said Beijing-based Gaorong Ventures is among RedotPay’s investors, though that investment was not widely disclosed. RedotPay’s website states that it does not serve customers in mainland China.
Hong Kong’s stablecoin rules add momentum to the sector
RedotPay’s growth has unfolded as Hong Kong puts a formal stablecoin framework in place. The report said the city’s stablecoin ordinance took effect on August 1, 2025, creating a clearer licensing path for regulated operators. For companies trying to expand stablecoin use in everyday payments, that timing matters.
Even so, executive churn, the lack of a CFO during IPO preparations, and lingering questions over China exposure are likely to stay at the center of investor attention as RedotPay seeks its next step.