Hong Kong-based stablecoin payments startup RedotPay is facing internal pressure and executive turnover as it seeks up to $150 million in new funding and works toward a U.S. IPO that could value the company at more than $4 billion.
Those ambitions have been overshadowed by executive turnover. At least five senior staff have left in 12 months and the company is pursuing plans to go public without a chief financial officer. According to Bloomberg, employees are often required to work long overtime hours.
The fundraising talks come months after RedotPay raised more than $150 million in two funding rounds in September and December. Bloomberg said the company remains open to strategic investors but is not facing financing pressure due to strong cash flow.
The company is developing rapidly. Annualized payments exceeded $10 billion in December, while revenue doubled to $158 million, investor materials showed. RedotPay says it now serves more than 6 million users in more than 100 countries.
Its main product is a stablecoin payment application linked to Visa cards. Users can store stablecoins in the app and spend them at merchants or online, while the platform also offers remittance services and earnings on certain holdings.
