Hong Kong-based stablecoin funds firm RedotPay stated it has “consolidated” groups to enhance effectivity because it scales, after a report claimed government turnover and sensitivities tied to its mainland China connections.
On Wednesday, a Bloomberg report claimed RedotPay is going through management churn and sensitivities tied to China because it explores elevating as much as $150 million. Citing folks aware of the matter, the report stated that at the least 5 senior hires left the stablecoin firm inside a yr, together with two compliance chiefs, and described a demanding work tradition with prolonged hours.
In February, Bloomberg reported that RedotPay is contemplating a US IPO that would increase over $1 billion and worth the corporate at greater than $4 billion. The corporate was reported to be working with JPMorgan, Goldman Sachs and Jefferies on a possible New York itemizing that would happen as early as this yr.
“As we transition from an early-stage startup to a unicorn, we’re evolving our organizational construction and expertise pool to assist our ongoing progress trajectory,” RedotPay stated in a press release to Cointelegraph with out addressing Bloomberg’s claims. The corporate stated that each one co-founders, together with CEO Michael Gao, the chief working officer and the chief expertise officer, proceed to guide key capabilities.
RedotPay says no pressing want for fundraising
The corporate confirmed that it has not but appointed a chief monetary officer, noting that certainly one of its co-founders presently oversees finance, alongside its investor relations and company improvement management. “We might appoint a CFO at a later stage as the necessity arises,” the corporate stated, including that it now employs greater than 250 folks globally, most of them based mostly in Hong Kong.
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RedotPay additionally stated there may be “no urgency” to safe new funding, citing sturdy working money movement and liquidity. The corporate added that it stays open to buyers.
The stance comes after a yr of heavy fundraising, with the corporate elevating a complete of $194 million throughout three rounds in 2025. It started with a $40 million Sequence A in March led by Lightspeed, adopted by a $47 million strategic spherical in September that introduced in Coinbase Ventures and helped push the corporate to unicorn standing.
The momentum continued in December with a $107 million Sequence B led by Goodwater Capital, alongside buyers together with Pantera Capital, Blockchain Capital and Circle Ventures.
Based in 2023, RedotPay affords an app paired with a Visa card that enables customers to spend stablecoins in on a regular basis transactions, alongside yield and remittance providers.
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