Hong Kong-based stablecoin payments company RedotPay said it has “consolidated” teams to improve efficiency as it scales, after a report claimed executive turnover and sensitivities tied to its mainland China connections.
On Wednesday, a Bloomberg report claimed RedotPay is facing leadership churn and sensitivities tied to China as it explores raising up to $150 million. Citing people familiar with the matter, the report said that at least five senior hires left the stablecoin company within a year, including two compliance chiefs, and described a demanding work culture with extended hours.
In February, Bloomberg reported that RedotPay is considering a US IPO that could raise over $1 billion and value the company at more than $4 billion. The company was reported to be working with JPMorgan, Goldman Sachs and Jefferies on a potential New York listing that could take place as early as this year.
“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,” RedotPay said in a statement to Cointelegraph without addressing Bloomberg’s claims. The company said that all co-founders, including CEO Michael Gao, the chief operating officer and the chief technology officer, continue to lead key functions.
RedotPay says no urgent need for fundraising
The company confirmed that it has not yet appointed a chief financial officer, noting that one of its co-founders currently oversees finance, alongside its investor relations and corporate development leadership. “We may appoint a CFO at a later stage as the need arises,” the company said, adding that it now employs more than 250 people globally, most of them based in Hong Kong.
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RedotPay also said there is “no urgency” to secure new funding, citing strong operating cash flow and liquidity. The company added that it remains open to investors.
The stance comes after a year of heavy fundraising, with the company raising a total of $194 million across three rounds in 2025. It began with a $40 million Series A in March led by Lightspeed, followed by a $47 million strategic round in September that brought in Coinbase Ventures and helped push the company to unicorn status.
The momentum continued in December with a $107 million Series B led by Goodwater Capital, alongside investors including Pantera Capital, Blockchain Capital and Circle Ventures.
Founded in 2023, RedotPay offers an app paired with a Visa card that allows users to spend stablecoins in everyday transactions, alongside yield and remittance services.
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