Hong Kong's RedotPay eyes $150 million raise ahead of US IPO: Bloomberg

Hong Kong-based stablecoin payments firm RedotPay is in discussions to raise as much as $150 million in fresh funding, as it pushes ahead with plans for a U.S. initial public offering that could value the company at more than $4 billion, according to Bloomberg.

The potential raise would come just months after the firm raised $194 million across funding rounds in September and December 2025, reaching unicorn status. Coinbase Ventures, Circle Ventures and Blockchain Capital participated in those rounds, according to its previous statements.

The company is also targeting a U.S. IPO as soon as this year, Bloomberg said.

Despite the new fundraising discussions, RedotPay is not under immediate pressure to raise capital, a company spokesperson told The Block, citing strong cash flow and liquidity.

"While we receive market inquiries from time to time, we remain open to investors who bring strategic value to us," said the spokesperson, who did not directly address the reported $150 million plan. The Block has sent a follow-up message to RedotPay for further information.

RedotPay has grown into one of the more prominent players in the stablecoin payments space, enabling users to spend crypto through traditional payment networks. The spokesperson said the firm's annualized total payment volume (TPV) surpassed $10 billion in December 2025, with full-year TPV growing 300% year-over-year.

However, the fundraising push comes alongside organizational instability. Bloomberg reported that at least five senior executives departed after spending less than a year at the company, and there have been multiple changes in the compliance leadership role. The company is currently pursuing its IPO plans without a chief financial officer, according to the report.

"As we transition from an early-stage startup to a unicorn, we are evolving our organizational structure and talent pool to support our ongoing growth trajectory," the spokesperson told The Block.

China ties

RedotPay's links to China have also drawn attention. While the company does not serve mainland users, some of its founders and early operations were linked to the region, prompting concerns among U.S. investors, according to the report. Parts of its team were relocated to Hong Kong last year.

The company's investor base also includes Beijing-based Gaorong Ventures, which may add complexity given China's ongoing ban on cryptocurrency activity, per the report.

Mainland China continues to ban crypto transactions and has recently tightened its stance on areas such as real-world asset tokenization and offshore yuan stablecoins. In contrast, Hong Kong has positioned itself as a crypto hub, rolling out regulatory frameworks to provide clarity to crypto firms.