RedotPay, a Hong Kong-based stablecoin payments startup, is facing internal tension 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.
These ambitions are overshadowed by the turnover of leaders. At least five senior hires have been made in 12 months and the company is moving forward with plans to list without a finance director. According to a Bloomberg report, staff are often asked to work late for extended periods.
The fundraising negotiations come just months after RedotPay raised more than $150 million in two rounds in September and December. It remains open to strategic investors, but is under no pressure to raise money due to strong cash flow, Bloomberg said.
The business grew quickly. Investor filings show annualized payment volume topped $10 billion in December, while revenue doubled to $158 million. RedotPay claims to now serve more than 6 million users in over 100 countries.
Its main product is a stable payment application 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 yield on certain holdings.
