Executive turnover clouds crypto payments firm RedotPay’s $4 billion U.S. IPO ambitions

RedotPay, a Hong Kong-based stablecoin payments startup, is facing internal strain and executive turnover as it seeks up to $150 million in fresh funding and works toward a U.S. IPO that could value the company at more than $4 billion.

Those ambitions are being clouded by executive turnover. At least five senior hires left within 12 months, and the company is pursuing its listing plans without a chief financial officer. Staff, according to a Bloomberg report, have often been asked to work late for extended periods.

The fundraising talks come only months after RedotPay raised more than $150 million across two rounds in September and December. It remains open to strategic investors, but does not face pressure to raise funds because of strong cash flow, Bloomberg said.

The company has grown fast. Investor materials show annualized payment volume passed $10 billion in December, while revenue doubled to $158 million. RedotPay says it now serves more than 6 million users in over 100 countries.

Its main product is a stablecoin payments app 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 some holdings.