RedotPay responds to executive departures as company pursues new capital and public listing
Following a Bloomberg investigation highlighting leadership changes and China-related concerns, RedotPay attributes recent organizational shifts to efficiency improvements during new funding discussions.
Stablecoin payment solutions provider RedotPay, headquartered in Hong Kong, announced it has streamlined its organizational structure to enhance operational efficiency during its growth phase, responding to allegations of high-level executive departures and concerns regarding its ties to mainland China.
A Bloomberg investigation published on Wednesday alleged that RedotPay is experiencing significant leadership instability and facing issues related to its Chinese connections while pursuing a fundraising round of up to $150 million. According to sources with knowledge of the situation cited in the report, the stablecoin payments firm has seen the departure of no fewer than five senior executives over the past year, including two separate compliance officers, and has cultivated a work environment characterized by intense demands and long working hours.
Earlier in February, Bloomberg's coverage suggested that RedotPay is evaluating the possibility of launching a United States initial public offering that could generate proceeds exceeding $1 billion and assign the firm a valuation surpassing $4 billion. According to the reporting, the company has engaged the services of JPMorgan, Goldman Sachs and Jefferies to facilitate a prospective New York stock exchange debut that might occur within the current 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 stated in its official response to Cointelegraph while declining to directly address the specific allegations raised by Bloomberg. The firm emphasized that its entire founding team, including CEO Michael Gao, along with the chief operating officer and the chief technology officer, remain actively engaged in directing critical operational areas.
RedotPay says no urgent need for fundraising
The firm acknowledged that it has yet to fill the chief financial officer position, explaining that a member of its founding team currently manages financial operations, working in conjunction with its investor relations and corporate development leadership teams. "We may appoint a CFO at a later stage as the need arises," the company stated, while revealing that its current workforce has grown to exceed 250 employees distributed across global locations, with the majority stationed in Hong Kong.
According to RedotPay, there exists "no urgency" regarding the acquisition of additional capital, pointing to robust operating cash flow and healthy liquidity positions. The firm indicated that despite its strong financial standing, it continues to welcome discussions with potential investors.
This position follows an intensive period of capital acquisition, during which the company successfully secured a combined total of $194 million through three separate funding rounds throughout 2025. The fundraising activity commenced with a $40 million Series A investment round in March, spearheaded by Lightspeed, which was subsequently followed by a $47 million strategic financing round in September that included participation from Coinbase Ventures and elevated the company to unicorn valuation status.
The fundraising activity maintained its momentum through December when the company closed a $107 million Series B round with Goodwater Capital serving as the lead investor, joined by additional backers including Pantera Capital, Blockchain Capital and Circle Ventures.
Established in 2023, RedotPay provides a mobile application integrated with a Visa-branded payment card that enables users to utilize stablecoins for routine purchases, in addition to offering yield-generating products and cross-border remittance capabilities.