Cryptoupdated 1h ago2 min read
Archive photo · 16 June 2013RedotPay Weighs Confidential US IPO Filing, Targets $5 Billion Valuation
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RedotPay weighing confidential US IPO filing by year-end, targeting up to $5 billion valuation. Pre-IPO fundraising eyed at $4-5 billion valuation, ongoing talks with investors.
IPO Filing and Valuation
RedotPay, a Hong Kong-based stablecoin payments company, is considering a confidential filing for a US initial public offering by the end of 2026, with Bloomberg reporting the plan alongside a potential pre-IPO funding round. Bloomberg-linked reporting put RedotPay’s valuation in a pre-IPO round at between $4 billion and $5 billion, while RedotPay also said it has more than 8 million users. Paymentscan data cited in the coverage showed stablecoin card transaction volume of $410.5 million over the past 30 days.
Bloomberg-linked reporting also tied the IPO discussions to earlier efforts to pursue a New York listing, including a plan that could raise more than $1 billion at a valuation exceeding $4 billion, with JPMorgan Chase, Goldman Sachs and Jefferies reportedly working on the offering. RedotPay’s public posture in the reporting emphasized that it was continuing to pursue the US IPO and pre-listing fundraising despite regulatory issues and a legal dispute involving Binance.
Dispute With Binance
Binance-affiliated companies sought nearly $473 million in damages in August, alleging that RedotPay’s founders used confidential information to build a competing payments business and divert customers. RedotPay denied the allegations and told Cointelegraph it would “vigorously defend all claims.” Cointelegraph’s account said Bloomberg reported in August that RedotPay had delayed its US listing plans amid regulatory hurdles and legal disputes involving Binance.
RedotPay disputed that characterization, reportedly saying “there has been no deferral of our IPO,” and that the company was “continuing to work with our partners on the IPO process.” The reporting also described RedotPay as continuing to pursue the US IPO and pre-listing fundraising despite the ongoing legal dispute.
Payments Metrics and Next Steps
RedotPay’s stablecoin-focused payment services were described as built around stablecoins, with the company’s user base reported as surpassing 8 million and Paymentscan showing $410.5 million in 30-day stablecoin card transaction volume. PYMNTS-linked reporting said RedotPay offers physical and virtual cards for crypto transactions and that its business is concentrated on stablecoins. PYMNTS-linked reporting also put RedotPay’s customer count at over 9 million and said the company had 280 employees worldwide.
PYMNTS-linked reporting described RedotPay’s annualized run-rate revenue as hitting $100 million within 18 months of launching in 2023 and surpassing $180 million, while it said operating profit margin climbed to more than 50%. The coverage framed the IPO filing and pre-IPO fundraising talks as part of RedotPay’s ongoing deliberations, with details including timing and valuation not yet finalized.