RedotPay prevents group integration after executive turnover report
Hong Kong-based stablecoin payment company RedotPay said it has “reinforced” teams to improve efficiency, the report said, citing executive turnover and ties to mainland China.
A Bloomberg report on Wednesday said RedDotPay is facing leadership difficulties and sensitivities linked to China to raise up to $150 million. Citing people familiar with the matter, the report said at least five senior employees have left the Stalkcoin company within a year, including two compliance chiefs, and described a demanding work culture with long hours.
In February, Bloomberg reported that RedDotPay was considering a U.S. IPO that could raise more than $1 billion and value the company at more than $4 billion. The company is reportedly working with JPMorgan, Goldman Sachs and Jefferies on a possible New York listing as early as this year.
“As we transition from early-stage startup to unicorn, we are evolving our organizational structure and talent pool to support our continued growth journey,” Reddotpay said in a statement to Cointelegraph, without addressing Bloomberg's claims. The company's CEO Michael Gao, Chief Operating Officer and Chief Technology Officer, all co-founders continue to lead key functions.
RedotPay says there is no urgent need to raise funds.
The company confirmed it has yet to appoint a chief financial officer, with one of its founders currently overseeing finance alongside investor relations and corporate development leadership. “We can appoint a CFO when there is a need,” he said. The company currently employs more than 250 people worldwide, most of them in Hong Kong.
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RedotPay said there is no “urgency” for new funding, citing strong operating cash flow and cash flow. He added that the company is open to investors.
The position comes after a year of aggressive fundraising, with the company raising a total of $194 million in three rounds due in 2025. It launched with a $40 million Series A round led by Lightspeed in March, and brought in Coinbase Ventures in September to help propel the company to unicorn status.
The momentum continued in December with a $107 million Series B led by Goodwater Capital, along with investors Pantera Capital, Blockchain Capital and Circle Ventures.
In the year Founded in 2023, RedotPay offers a Visa card-integrated app that allows users to spend stable coins on daily transactions alongside profit and remittance services.
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