Hong Kong-based crypto payments firm RedotPay is weighing a confidential U.S. IPO filing by the end of 2026, aiming for a valuation between $4 billion and $5 billion alongside discussions for a pre-IPO funding round. Supported by advisers including JPMorgan Chase and Goldman Sachs, the company boasts over 9 million users, $180 million in annualized run-rate revenue, and a top spot in stablecoin card transaction volume despite facing an ongoing $473 million lawsuit from Binance-affiliated entities.
RedotPay plans US public listing
- ▪RedotPay has not publicly finalized or announced a listing venue, share price, offering size, or target trading date for its proposed U.S. initial public offering.
- ▪Hong Kong-based crypto payments company RedotPay is considering submitting a confidential U.S. initial public offering regulatory filing by the end of 2026.
- ▪Investment banks JPMorgan Chase, Goldman Sachs, Jefferies, and Barclays are advising RedotPay on its proposed U.S. initial public offering.
Funding history and valuation discussions
- ▪RedotPay is discussing a pre-IPO funding round with investors that would value the cryptocurrency payment company between $4 billion and $5 billion.
- ▪RedotPay raised $194 million in 2025 equity funding, with backing from investors including Goodwater Capital, Pantera Capital, Blockchain Capital, and investment arms of Coinbase and Circle.
Revenue and operating performance
- ▪RedotPay recorded revenue growth of more than 50% for the first three quarters of 2026 compared to the same period in 2025, alongside operating profit margins exceeding 50%.
- ▪RedotPay's annualized run-rate revenue surpassed $180 million U.S. after reaching a $100 million run rate within 18 months of launching in 2023.
Business scale and market rank
- ▪Founded in 2023, RedotPay serves over 9 million customers and employs approximately 280 people worldwide while issuing physical and virtual cards for stablecoin transactions.
- ▪Paymentscan data showed RedotPay ranked first among 30 tracked stablecoin payment card programs in October 2026, generating $410.5 million in monthly spending volume.
Binance lawsuit and company response
- ▪Binance-affiliated entities filed a lawsuit in August 2026 seeking nearly $473 million in damages from RedotPay's founders over alleged misuse of confidential business data to divert 470,000 customers.
- ▪RedotPay denied Binance's allegations of misusing confidential information and stated in August 2026 that the ongoing litigation would not disrupt its operations or public listing preparations.
Story comments
Loading comments…