RedotPay defends team reshuffle amid funding talks and IPO plans

RedotPay says it restructured teams for efficiency after a Bloomberg report flagged executive turnover, China sensitivities and new funding talks.

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.

Read more