RedotPay IPO Target Tops $5 Billion After Big Four Audit

What happened

RedotPay, the Hong Kong stablecoin payments company, is now reportedly seeking a valuation above $5 billion in a planned U.S. initial public offering. It has also finished the audited financial statements that any American listing requires.15 The company said in late September that a Big Four accounting firm audited its accounts. A second Big Four firm separately reviewed its anti-money-laundering and counter-terrorist-financing (AML/CFT) controls. RedotPay did not name either firm.5 One report adds that the audit covered the group's consolidated statements for the two years ended December 31, 2025, and that the auditor gave an unqualified opinion under U.S. GAAP.3

Chief executive and co-founder Michael Gao said the company commissioned the audits to build trust in its financial reporting and compliance, and that they are part of its preparation to go public.1 A spokesperson also rejected the idea that the offering had been put off: "There has been no deferral of our IPO." The spokesperson said RedotPay is still working with its partners on the process.5

The valuation figure comes from a person familiar with the matter, not from the company. That person said transaction volume hit a record in the second quarter and operating margin was above 50%, but gave no underlying numbers.57 RedotPay has not named an exchange, a filing date or final terms.3

From $4 billion to $5 billion

The new target is a step up from the plan reported in February. At that point RedotPay was weighing a New York IPO that could raise more than $1 billion at a valuation above $4 billion, with JPMorgan Chase, Goldman Sachs and Jefferies working on the deal.1415 In March it was reported to be looking for about $150 million in a pre-IPO round at roughly $4 billion. It was also said to have annualized revenue above $150 million and annualized payment volume of $10 billion as of December.13

The rise from its private valuation is steep. RedotPay raised $194 million across several rounds in 2025, including a $40 million Series A and a $107 million Series B led by Goodwater Capital, with Pantera Capital, Blockchain Capital and Circle Ventures taking part.191 A roughly $47 million strategic round earlier in 2025 made it a unicorn.16 One analysis put the post-Series B valuation at just over $1 billion, which would mean the IPO target is about five times that mark in less than a year.11

The growth figures are the case for that jump. RedotPay says it had 8.5 million users by July, up from just over 6 million in February. It says it operates in more than 100 countries and handles about $14 billion in annualized payment volume.1 Its product is simple to describe: an app where users hold stablecoins, a linked Visa card for spending them, and cross-border transfers.5 It also says total stablecoin card spending across the sector has passed $10.9 billion, and it projects annual spending of $50 billion by 2028.1

The valuation may be harder to defend than those numbers suggest. Taking the roughly $150 million annualized revenue reported in March at face value, $5 billion would be more than 30 times revenue. That calculation is ours, and it rests on an old, unaudited figure that has probably grown since.13 The claim of a 50%-plus operating margin would help support a high multiple, but so far it comes only from an unnamed source and has no published figures behind it.5 One outlet put it plainly: a clean audit removes a procedural hurdle, but investors still cannot see the audited revenue, profit and growth figures that would show whether $5 billion is justified.3

Where the reporting diverges

Coverage agrees on the main facts: the audits, the denial of a delay, the 8.5 million users and the $5 billion-plus target. It differs on timing, and on how far the company's denial goes.

In August, Bloomberg reported that RedotPay had delayed its U.S. listing while it sought regulatory approvals and dealt with legal problems, and that it might list in 2027 or later rather than this year.5 RedotPay's September statement disputes that, but it carefully gives no date.1 FinanceFeeds draws the useful line here: carrying on with IPO preparations is not the same as having a timetable, and audited accounts make a filing possible without making an offering imminent.3 Tangem's summary reflects the same tension, noting that the company denies any delay while regulatory and legal issues could still push the listing into 2027.4

One Yahoo Finance piece goes further, saying the IPO could happen this autumn while the company keeps 2027 open as an option.6 The same piece also says the $5 billion target came from earlier company statements, while most other outlets attribute it to an anonymous source.65 We give that reading little weight. With no public filing and mid-October already here, an autumn debut looks unlikely, and the company itself has offered no schedule.3

Some secondary coverage also contains errors. One report suggests RedotPay will list on Nasdaq, although no exchange has been announced.93 The same article appears to attach Kraken parent Payward's confidential S-1 filing and $20 billion valuation to RedotPay.9 Other reporting makes clear those figures belong to Payward.1

The Binance problem

The biggest open risk is litigation. Binance affiliates are seeking about $473 million in damages in Hong Kong. They allege that RedotPay's founders used confidential information from their time at Binance to build the company and take customers.1 The plaintiffs reportedly calculate their losses from more than 470,000 users allegedly diverted from Binance Card, valued at $925 each. They also argue that those users helped inflate RedotPay's IPO valuation.

That last claim goes to the core of the IPO story, which is user growth. RedotPay denies the allegations and says it will fight every claim.1 A parallel dispute in Singapore is also unresolved. RedotPay said in August that it expected Binance to drop that case after a hearing, and Binance said it had not withdrawn its claims.1 Binance had already cut off RedotPay's payment functionality on April 3, 2026, citing a review of its merchant partners.1

For underwriters, a lawsuit of nearly half a billion dollars with no outcome yet will have to be fully disclosed in any prospectus. That is probably one reason RedotPay is putting so much emphasis on independent compliance reviews right now.

Compliance as the main pitch

The AML/CFT review covered RedotPay's licensed Hong Kong subsidiaries. It looked at governance, customer due diligence, transaction monitoring, quality assurance, staff training and compliance resources.1 It is not regulatory approval, but it gives RedotPay an outside assessment of its financial-crime controls before it faces public-market investors.3 The company also received its first U.S. money transmitter license in August and says it is preparing to launch in the U.S.1

This matters because governance has been a weak point. In March, RedotPay was reported to have lost at least five senior executives who left after less than a year, to have changed compliance leadership more than once, and to be pursuing a $4 billion valuation without a sitting CFO.13 None of the September coverage says whether a finance chief has been appointed. Investors will watch that closely.

A weak crypto IPO market

RedotPay is pressing ahead at a time when others in the sector are holding back. Payward, Consensys, Ledger and Grayscale have all postponed planned listings as market conditions weakened.5 Payward has pushed its IPO to at least the second quarter of 2027, even after raising $800 million at a $20 billion valuation and confidentially filing a draft S-1 in November 2025.1 Earlier analysis also pointed to crypto prices falling about 50% from their 2025 highs as a test of whether payment volume alone could support a premium valuation.11

In February, observers described a RedotPay listing as a test of public demand for stablecoin-linked fintech.14 Since then, the bet has become more distinctive. RedotPay is asking for a higher price in a weaker market, and it is selling itself as a payments business with real cash flow rather than a play on token prices. If its margins hold up once disclosed, the higher valuation could make sense.

Our reading

The audit is real progress, and RedotPay's denial that the IPO has been deferred is technically supportable. But the company has given investors a procedural milestone, not a timetable. The $5 billion figure comes from an unnamed source, the profitability claims have no figures behind them, and the Binance litigation directly challenges the user growth on which the valuation depends. Our view is that a 2027 debut is more likely than a 2026 one, consistent with the August reporting.3 The next real signal will be a public filing that puts audited revenue and margins in front of the market.3