RedotPay, a Hong Kong-based stablecoin payments startup, is facing internal tensions and executive turnover as it seeks up to $150 million in new financing and works toward a U.S. IPO that could value the company at more than $4 billion.
Those ambitions are being clouded by executive turnover. At least five senior employees have left in 12 months and the company is pressing ahead with plans to go public without a chief financial officer. According to a Bloomberg report, staff have often been asked to work late for extended periods.
The fundraising talks come just months after RedotPay raised more than $150 million in 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 materials show annualized payments volume surpassed $10 billion in December, while revenue doubled to $158 million. RedotPay says it now serves more than 6 million users in more than 100 countries.
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 returns on some holdings.
