RedotPay Weighs Confidential U.S. IPO Filing, Valuation of Up to $5 Billion
Key Facts
RedotPay is considering a confidential filing for an initial public offering in the United States by year-end, according to a Bloomberg report published by PYMNTS on October 26, 2026. The move is being considered alongside potential pre-IPO funding talks that could value the company at between $4 billion and $5 billion. The plan remains under consideration, and the report did not specify a listing date. Earlier reports had raised the possibility of a delayed offering, before the company denied in September that it had postponed its plan. The new report puts the filing plan back in focus, while the timing of a listing remains uncertain.
The talks concern a funding round ahead of an IPO, not proceeds from an announced public offering; the report did not cite a target amount to be raised in the IPO itself. In February 2026, Bloomberg reported that the company was considering a U.S. offering that could raise more than $1 billion. In August, a Bloomberg report said the listing could move to the following year or later, citing the company's efforts to secure regulatory approvals and address legal matters. But a RedotPay spokesperson said in September: "There has been no delay to our IPO," adding that the company was continuing to work with its partners on the process. The company did not specify a listing date at the time.
RedotPay offers physical and virtual cards for cryptocurrency transactions, with much of its business focused on stablecoins and the use of digital assets for everyday purchases. The October 26 report said the company had more than 9 million customers and 280 employees worldwide. Its annualized revenue run rate also exceeded $180 million, after reaching $100 million within 18 months of its launch in 2023. The figures point to growth in its customer base and revenue as the company moves toward a public listing. In the first nine months of 2026, revenue rose by more than 50% from the same period a year earlier, while its operating profit margin exceeded 50%.
The company announced in December 2025 that it had closed a $107 million Series B funding round, saying total capital raised that year reached $194 million. In November 2025, it said it had more than 6 million registered users across more than 100 markets and that its annualized payment volume run rate exceeded $10 billion. Earlier, it raised $40 million in a Series A round announced in March 2025, when the company said it had more than 3 million registered users. In July 2026, the app had 8.5 million users, according to a company statement cited by CoinDesk. The reports cite figures measured in different ways, from customers to registered users and app users, and over different periods.
As part of its IPO preparations, RedotPay completed a financial audit and a separate review of its anti-money laundering and counter-terrorist financing controls, according to a September report by CoinDesk. The two reviews were conducted by two of the Big Four accounting firms, which the company did not name. A U.S. IPO registration statement requires audited financial statements, while the compliance review is a separate part of the company's preparations. These requirements illustrate some of the work that precedes an IPO filing, alongside funding and regulatory discussions. If the company uses the SEC's confidential review process for a draft registration statement, U.S. Securities and Exchange Commission rules require the registration statement and prior drafts to be made public at least 15 days before the investor roadshow, or before the effective date if no roadshow is held.