Hong Kong Crypto Payment Card Firm Redotpay Plans Confidential IPO Filing by Year-End

October 27 — Hong Kong crypto payment card company Redotpay is considering filing confidentially for a U.S. IPO before the end of the year, according to Bloomberg, after months of discussions over regulatory issues. The company is also discussing a possible Pre-IPO funding round with investors that could value it at $4 billion to $5 billion. Founded in 2023, Redotpay offers physical and virtual cards for crypto transactions, with a focus on stablecoins.

People familiar with the matter said Redotpay has more than 9 million customers and 280 employees, annualized revenue of more than $180 million, revenue growth of over 50% year-over-year in the first three quarters of 2026, and an operating margin above 50%. The company is working with JPMorgan, Goldman Sachs, Jefferies and Barclays on the IPO at a valuation of at least $5 billion. Redotpay did not respond to a request for comment. It raised $194 million in 2025 from investors including the venture arms of Coinbase and Circle.