RedotPay Weighs a US IPO That Could Raise $1 Billion and Value the Crypto Card Company at Over $4 Billion

A crypto card company founded less than three years ago is now in talks with Wall Street's top investment banks about going public. RedotPay is weighing a US initial public offering that could raise more than $1 billion at a valuation exceeding $4 billion, according to a CoinTelegraph report published on February 24, 2026. The company is working with JPMorgan Chase, Goldman Sachs, and Jefferies on the potential New York listing, with additional banks possibly joining the underwriting group.

RedotPay declined to comment. Terms remain under review and could change.

From $40 Million Series A to Wall Street in Under Two Years

The speed of RedotPay's ascent is the real story. Founded in April 2023, the Hong Kong-based company provides stablecoin-linked payment cards, multicurrency wallets, and international payout services. Its fundraising trajectory in 2025 alone tells you where the momentum sat:

March 2025: $40 million Series A led by Lightspeed, with HSG and Galaxy Ventures participating
September 2025: $47 million strategic round backed by Coinbase Ventures, Galaxy Ventures, and Vertex Ventures
December 2025: $107 million Series B led by Goodwater Capital, with Pantera Capital, Blockchain Capital, and Circle Ventures joining

That is $194 million across three rounds in a single calendar year. The September round pushed RedotPay past unicorn status, meaning a valuation above $1 billion. Five months later, the company is reportedly targeting a valuation four times that figure.

The investor roster reads like a who's who of crypto infrastructure capital. Coinbase Ventures, Pantera, and Circle Ventures are not betting on a meme. They are betting on the plumbing layer that connects stablecoins to point-of-sale terminals.

Six Million Users and $10 Billion in Volume

RedotPay's operating metrics provide context for the valuation. As of February 2026, the company claims approximately 6 million users and roughly $10 billion in annualized payment volume. For a prepaid Visa card platform built on stablecoin rails, those numbers place it among the largest crypto-native payment processors by transaction throughput.

The RedotPay Virtual Card charges a 1% crypto conversion fee and a 1.2% foreign exchange markup. There is no annual fee. The physical card adds ATM access and higher transaction ceilings, while the Solana-native variant targets the SPL token ecosystem. Daily spending limits reach $1 million on the virtual card, a figure that positions RedotPay for high-net-worth and business users, not just retail.

At a $4 billion valuation on $10 billion in annualized volume, the implied price-to-volume ratio is 0.4x. For comparison, traditional payment processors like Visa and Mastercard trade at multiples of their payment volume in the low single digits, but they capture a much smaller percentage of each transaction. RedotPay's 1% conversion fee on $10 billion would imply roughly $100 million in gross conversion revenue before FX markup and other fees. That makes the $4 billion target roughly 40x gross revenue, aggressive but not unheard of for a high-growth fintech approaching an IPO.

Why JPMorgan and Goldman Are at the Table

The choice of advisors signals ambition. JPMorgan, Goldman Sachs, and Jefferies are not the banks you hire for a quiet $200 million listing. They are the banks you hire when you want a billion-dollar raise, institutional allocation, and a ticker symbol that pension funds can actually buy.

This is also a credibility play. A crypto card company listing on a US exchange with top-tier underwriters sends a message to regulators, partners, and competitors: stablecoin payments have reached a maturity level that Wall Street is willing to underwrite. The SEC's recent shift on stablecoin capital treatment, cutting broker-dealer charges from 100% to 2%, creates a friendlier backdrop for exactly this kind of listing.

If the IPO proceeds, RedotPay would become one of the first pure-play crypto card companies to trade publicly in the United States. Coinbase went public in 2021 as an exchange. Crypto.com explored and shelved IPO plans. But a company whose core product is a prepaid Visa card funded by stablecoins hitting the NYSE would be a category-defining event for the crypto card sector.

What This Means for Card Holders and Applicants

For existing RedotPay users, an IPO would likely mean more capital for product development, geographic expansion, and potentially better terms. Public companies face pressure to grow user counts and transaction volume, which historically translates into promotional offers, reduced fees, or expanded coverage.

The risk runs in the other direction too. Public companies face quarterly earnings pressure. If RedotPay's growth decelerates post-IPO, management might tighten fee structures or cut reward programs to protect margins. The precedent exists: Crypto.com slashed its card rewards in 2022 under financial pressure, catching users off guard.

For prospective cardholders, the IPO timeline matters. RedotPay currently operates in over 50 countries with minimal KYC requirements on its virtual card. Regulatory scrutiny that comes with a US listing could tighten onboarding requirements. Users in regions with lighter compliance standards may want to apply before any post-IPO compliance overhaul.

The Bigger Picture for Stablecoin Payments

RedotPay's IPO bid arrives at a moment when stablecoin payment infrastructure is attracting serious institutional attention. Circle filed its own S-1 in early 2025. Stripe acquired Bridge for $1.1 billion to build stablecoin payment rails. PayPal launched PYUSD. The pattern is clear: the market has decided that stablecoin-to-fiat conversion at the point of sale is a real business, not a crypto sideshow.

A successful RedotPay IPO at $4 billion would set a public market benchmark for crypto card companies. Every competitor, from Bybit to KAST to xPlace, would be measured against that number. It would also give institutional investors their first pure-play exposure to the crypto card vertical without having to buy tokens or navigate DeFi protocols.

The stablecoin payments market is projected to process trillions in annual volume by 2030. If RedotPay can capture even a small slice of that with its current infrastructure, the $4 billion valuation may look conservative in hindsight. If the crypto bear market deepens and user growth stalls, it may look like the last bull-market valuation to clear before a repricing.

Either way, the fact that JPMorgan and Goldman Sachs are sitting across the table from a crypto card startup tells you something about where Wall Street thinks the money is heading.

FAQ

When could the RedotPay IPO happen? The listing could occur as early as 2026, but terms remain under review and the timeline could shift depending on market conditions, regulatory approvals, and underwriter readiness.

How much has RedotPay raised so far? RedotPay raised $194 million across three funding rounds in 2025: a $40 million Series A, a $47 million strategic round, and a $107 million Series B. The company reached unicorn status in September 2025.

Will the IPO affect existing RedotPay cardholders? Not immediately. However, increased regulatory scrutiny from a US listing could eventually tighten KYC requirements or change fee structures. Public companies also face earnings pressure that can lead to changes in reward programs.

Who is advising RedotPay on the IPO? JPMorgan Chase, Goldman Sachs, and Jefferies are working with RedotPay on the potential New York listing. Additional banks may join the underwriting group.

Overview

RedotPay, a Hong Kong-based crypto card company founded in April 2023, is in discussions with JPMorgan Chase, Goldman Sachs, and Jefferies about a US IPO that could raise over $1 billion at a valuation exceeding $4 billion. The company raised $194 million in 2025 across three rounds backed by Lightspeed, Coinbase Ventures, Pantera Capital, Circle Ventures, and others. With 6 million users and $10 billion in annualized payment volume, RedotPay's stablecoin-linked Visa cards have grown into one of the largest crypto-native payment platforms. If the listing proceeds, it would be one of the first pure-play crypto card companies to trade publicly on a US exchange, setting a valuation benchmark for the entire sector.