RedotPay Plans to Go Public with a $4 Billion Valuation, Raising Questions Over CFO Vacancy and Executive Turmoil

According to Bloomberg, Hong Kong-based stablecoin payment startup RedotPay is in talks to raise up to $150 million in a new funding round, aiming to go public in the United States with a valuation exceeding $4 billion. This company, now valued at over $1 billion as a crypto unicorn, is currently pushing forward with its IPO without a CFO, and at least five senior executives have held their positions for less than 12 months in the past year.

Rapid growth and leadership turbulence coexist

Bloomberg’s investor data and interviews with 11 relevant individuals reveal a significant disparity between RedotPay’s business growth and organizational stability:

Annual total payment volume: Surpassed $10 billion by December last year, with an annual growth rate of over 100%

Revenue: $158 million, doubling year-over-year

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

Leadership turbulence: At least five senior executives have served less than a year in the past 12 months; the compliance officer position has changed hands twice within about a year, affecting growth and product teams

CFO vacancy: The company is currently managed by the finance director who also oversees corporate development; the company stated, “If necessary, a CFO may be appointed at a later stage”

Interviews also disclosed that the company has a work culture some employees describe as “similar to 996,” with staff reportedly required to work several consecutive weeks until 10 p.m. RedotPay’s spokesperson said that the CEO emphasized work-life balance at the all-staff meeting in January this year and that the company is restructuring teams to improve collaboration efficiency.

Core products and the rise of Hong Kong unicorns

RedotPay launched its first version in June 2023. Its core product is a combination of an app and a Visa card, allowing users to hold stablecoins within the app and use the card for offline spending or online shopping. The platform also offers stablecoin yield and remittance services. The holding company is Rabbit7 Holding (BVI) Ltd., based in the British Virgin Islands, named after the seven co-founders who established the company in 2023 (the Year of the Rabbit in the lunar calendar). A company spokesperson said their goal is to “act as quickly as a rabbit.”

CEO Michael Gao publicly cited UK fintech giant Revolut as a model, which started with travel cards and gradually expanded into stock trading, cryptocurrencies, insurance, and mortgages.

Investor lineup and sensitivity around Chinese background

RedotPay’s notable investors include venture arms of Coinbase and Circle, as well as Lightspeed Venture Partners, which manages approximately $40 billion. Lightspeed partner Pachara Lawjindakul said, “The speed of product development is really fast, and that’s what’s needed to break through.”

However, Bloomberg’s report also highlights some sensitive issues. Co-founder Yuan Dawei was a former co-founder and COO of Huobi (now HTX), a cryptocurrency exchange founded in Beijing in 2013; COO Troy Yao is also a former Huobi executive. His software engineering team in Shenzhen moved to Hong Kong in 2025 after some US investors expressed concerns about the company’s Chinese roots.

Additionally, investor data shows that Beijing-based tech investment firms Gaorong Venture Capital and Haohan Venture Capital are investors in RedotPay, but their involvement had not been widely disclosed due to the sensitive policy environment regarding cryptocurrencies in China. Currently, RedotPay employs about 250 staff mainly in Hong Kong, and the company states it does not serve users in mainland China.

Frequently Asked Questions

Q: What are the main IPO risks faced by RedotPay?
According to Bloomberg, the primary risks include: first, ongoing leadership turbulence, with at least five senior executives serving less than a year in the past year and the company proceeding with the IPO without a CFO; second, the company’s ties to China, as some founders and investors have Chinese backgrounds, raising concerns among investors amid tightening US-China tech scrutiny.

Q: What is RedotPay’s core business model?
RedotPay is a stablecoin payment company. Its core product is a combination of an app and a Visa card, enabling users to hold stablecoins within the app and use the card for daily transactions. It also offers stablecoin yield and cross-border remittance services. As of December last year, its annual total payment volume exceeded $10 billion, with over 6 million users.

Q: Who are RedotPay’s main investors?
Notable investors include venture arms of Coinbase, Circle, Lightspeed Venture Partners, Goodwater Capital, and Accel. Beijing-based tech investment firms Gaorong Venture Capital and Haohan Venture Capital have also invested, though their involvement had not been widely disclosed previously.