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RedotPay
RedotPay is a privately held financial-technology company headquartered in Hong Kong. Founded in 2023, it operates a stablecoin-based payments platform that combines digital-asset services with traditional financial infrastructure, including payment cards and local-currency payment methods.[1] The company aims to make cross-border money movement more accessible, including for people underserved by traditional finance.[1]
RedotPay reports more than 9 million users in over 100 countries.[2][1]
History and Expansion
RedotPay was founded in 2023. Its LinkedIn profile identifies Red Dot Technology Limited as an alias for the company.[1] The company marked its third anniversary in October 2026 at an event in Singapore attended by more than 300 community members and partners.[1]
The company reported receiving a clean independent financial audit from a Big Four firm in September 2026. That month, it also said it had obtained its first two U.S. state lending licenses, in Idaho and Nebraska, as a step toward a future U.S. launch.[1]
In October 2026, RedotPay announced that it had acquired Japan’s digital-asset exchange BTCBOX, a transaction described as supporting the development of compliant local services.[1]
Products and Services
Wallet and Payment Cards
RedotPay’s app lets users manage stablecoins and local currency, fund accounts, and convert between currencies and digital assets. The company says it is a fintech service provider, not a bank; its multi-currency wallet is provided by appropriately licensed financial institutions, while RedotPay facilitates customers’ use of the wallet.[2]
The platform offers RedotPay-branded prepaid cards for spending and cash withdrawals. RedotPay does not issue its own stablecoin: an account can hold third-party stablecoins such as USDT or USDC, which are held in custody by RedotPay. When a customer makes a card purchase, the stablecoin is converted to fiat currency so the merchant receives traditional currency through the card system.[3][4]
RedotPay promotes the cards and app for everyday purchases, online shopping, bills, subscriptions, travel, and other spending. The app also supports transfers between RedotPay users using a User ID, email address, or phone number; the company says these transfers carry no additional fee. Its payment services can send cryptocurrency while allowing recipients to receive local currency.[2]
Local Payment Rails
The platform supports local payment methods alongside stablecoin payments. RedotPay said users in Brazil could pay participating merchants by scanning PIX QR codes. It announced in October 2026 that Mexico’s SPEI was live, enabling users to add Mexican pesos from bank accounts and deposit local currency or buy USDC or USDT. It also announced support for payments at participating Colombian merchants through supported Bre-B QR codes.[1]
In October 2026, RedotPay announced a partnership with Nium intended to extend local-currency payouts into additional markets through Nium’s global payments network.[1]
RedotPay also introduced RedotPay Pro, which it described as offering cashback and card-fee waivers.[1]
Peer-to-Peer Trading and Transfers
RedotPay’s peer-to-peer (P2P) service lets users trade stablecoins using more than 50 local currencies and 200 payment methods. The company describes the service as having instant settlement and no fees, and says it is available only in selected regions.[2]
RedotPay states that it acts as a facilitator in P2P trades and does not guarantee settlement, completion, or outcome. It warns users about counterparty-default and market-volatility risks, disclaims liability for trade-related settlements, disputes, and losses, and assigns users responsibility for due diligence and compliance with applicable laws.[2]
Credit and Earn
RedotPay offers crypto-backed credit, allowing users to access funds using cryptocurrency as collateral and repay loans under flexible repayment options. The company warns that loans must be repaid and advises customers not to pay intermediaries. [2]
The company also offers an Earn product with daily rewards in selected regions. RedotPay describes projected returns as estimates that may vary with market conditions and warns that users may lose some or all of their invested capital.[2]
Funding and IPO Plans
RedotPay’s listed funding history includes a pre-seed round dated January 2024, a $40 million Series A dated March 1, 2025, a $47 million venture round dated October 25, 2025, and a $107 million Series B dated December 1, 2025. The listed amounts total $194 million across the priced rounds.[1]
Reports about a possible U.S. initial public offering (IPO) described different plans and valuation discussions.
An October 2026 company post attributed to Bloomberg said RedotPay was targeting a year-end filing amid valuation discussions at $5 billion.[1]
A February 2026 article by Atomic Wallet described a planned $1 billion IPO and identified JPMorgan, Goldman Sachs, and Jefferies as backing it.[3]
In August 2026, CoinDesk reported that RedotPay was planning a U.S. IPO of more than $1 billion at a potential valuation of $4 billion.[4]
Leadership
RedotPay’s listed executives include Eric Pan, chief product officer; Matias Vera Fernandez, compliance director and money laundering reporting officer; Alyssa Cai, human resources director; Gervina K., marketing director; and Michael Chin, head of risk.[1]
Binance Litigation
In August 2026, Binance sued RedotPay and its co-founders in Hong Kong, alleging that RedotPay had diverted about 470,000 Binance customers and caused the exchange nearly $473 million in losses. Binance alleged that, since March 2026, RedotPay had allowed and encouraged Binance Pay funds to be used within RedotPay without segregation, including to top up RedotPay prepaid cards, contrary to contractual restrictions.[4]
The companies first entered a commercial agreement in November 2023. That arrangement ended less than six months later after Binance alleged that its funds had been used to top up RedotPay prepaid cards.
A second agreement, made in March 2025, required Binance funds to be kept separate. It allowed Binance customers to use Binance Pay funds on RedotPay to convert cryptocurrency to fiat, make in-app transfers, and buy RedotPay-branded goods, but prohibited using those funds to top up RedotPay cards. Binance ended the agreement in April 2026 as part of a merchant-partner review.[4]
Binance affiliate Chaintecs also filed suit against RedotPay affiliates in Singapore; a hearing was scheduled for August 7, 2026. RedotPay said it would “vigorously” defend itself and its co-founders against the allegations, which it called unfounded.[4]
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