Revenue
$180.00M
2026
Funding
$90.00M
2025
Revenue
Sacra estimates that RedotPay reached $180M in annualized revenue in September 2026, up from approximately $150M at the end of 2025.
RedotPay passed $100M in annualized revenue within 18 months of launch. In November 2025, it had more than 6M registered users in 100 markets and $10B in annualized payment volume, which measures money moved through its products rather than company revenue.
Recognized revenue for the first nine months of 2026, reported in October, rose more than 50% from the same period in 2025. This measures booked revenue rather than annualized run rate. Operating profit margin was above 50%, and RedotPay had more than 9M customers in October 2026.
Valuation & Funding
RedotPay closed a $107M Series B in December 2025 from Goodwater, Pantera, Blockchain Capital, Circle Ventures and HSG, bringing its 2025 fundraising to $194M.
In September 2025, a $47M strategic round from Coinbase Ventures, Galaxy and Vertex valued RedotPay at at least $1B. Lightspeed led a $40M Series A with participation from HSG and Galaxy in March 2025, when RedotPay had 3M registered users.
RedotPay is considering a confidential US IPO filing by the end of 2026 while it works through legal and regulatory issues. Talks include a possible pre-IPO round at a $4B to $5B valuation and an IPO target of at least $5B, but neither has closed.
CEO Michael Gao co-founded RedotPay in April 2023 with Jonathan Chan. The company had about 280 employees in October 2026.
Product
RedotPay is an app for people who hold crypto but need to pay merchants that accept only local currency. Users deposit stablecoins, digital tokens designed to hold a steady dollar value, into a RedotPay wallet and receive a physical or virtual card.
The physical card works by tap or swipe at checkout terminals and can withdraw cash at ATMs, while the virtual card goes into Google Pay for online purchases. When a user pays, the stablecoin balance funds the transaction and the merchant receives local currency over the card network, which RedotPay says reaches 130M merchants.
Users can also hold multiple currencies, swap tokens, send global payouts and access crypto-backed credit through the app. A peer-to-peer marketplace lets users trade directly at their own risk. RedotPay is a fintech, not a bank; licensed institutions provide the wallet and financial services.
Connect
Connect, launched in June 2026, is RedotPay's first business product. Merchants use it to accept stablecoins at checkout from wallets like MetaMask and Coinbase, then receive US dollars, euros or pounds.
Business Model
RedotPay charges users fees for converting between stablecoins and traditional currency, issuing cards, ATM withdrawals and transfers. Cards carry no annual fee, but other service fees apply.
The $10B in annualized payment volume is customer money passing through the app, not RedotPay revenue. From the fees it retains, RedotPay pays card networks, issuing partners, the licensed institutions behind its wallets and liquidity providers that supply currency for conversions. It also pays blockchain transaction costs and covers compliance, fraud prevention and customer support.
Compliance and engineering costs do not rise one-for-one with volume. A user who spends on the card, converts currency and sends payouts generates several fees from the same account, spreading fixed costs across more transactions.
Merchant fees
Connect adds merchants as a second payer. RedotPay claims merchant fees up to 70% lower than conventional options, a best-case comparison rather than a typical saving. Those fees must still cover settlement and conversion costs.
Competition
RedotPay's most direct competitors are Coinbase and Crypto.com, which hold crypto balances and issue spending cards. Revolut competes through its everyday banking relationships where it operates. The contest is over which account a person funds and spends from: a crypto exchange that adds payments, a banking app that adds crypto, or RedotPay's stablecoin-first wallet.
Coinbase
Coinbase holds users' crypto directly and offers a card through partners, letting customers spend without moving funds to another app. It has broader distribution, but its card is an add-on to trading, while RedotPay builds its app around spending. The companies also cooperate: Coinbase Ventures invested in RedotPay, and Connect accepts payments from Coinbase wallets.
Crypto.com
Crypto.com pairs an exchange with Visa cards and uses card rewards to attract and retain traders. Without that trading base, RedotPay must win users who value stablecoin spending, payouts and cash access more than trading rewards.
Revolut
Revolut offers traditional banking and payments, often holding a user's primary account where it is available and leaving RedotPay as a secondary tool. RedotPay competes more directly for users who earn or save in stablecoins, or who live outside Revolut's footprint.
TAM Expansion
RedotPay's expansion beyond individual cardholders targets merchant checkout and cross-border business payments. Connect and global payouts already convert stablecoins into dollars, euros and pounds and move funds to recipients, giving RedotPay a route into merchant payment processing and corporate treasury budgets.
Merchant checkout
Connect makes merchants paying customers for the first time: an online store can accept stablecoins from MetaMask or Coinbase wallets and receive traditional currency without holding crypto. RedotPay brings more than 9M customers and the currency conversion infrastructure it uses for card spending.
Reaching more merchants could depend on integrations with the checkout platforms they already use. Merchant onboarding, payment reconciliation, dispute handling and sales support create additional demands beyond distributing cards to individual consumers.
Cross-border business payouts
Companies paying contractors and suppliers abroad represent a potential treasury budget beyond individual consumer spending. Its global payouts, launched in June 2025, and peer-to-peer transfers already move funds to recipients in other countries, providing a starting point for a business payout service.
A payroll or vendor-payment offering would be a new product, not a current one. Serving these buyers would require bulk payment tools, business verification, accounting integrations and licensed partners in each destination country.
Risks
Partner dependence: RedotPay is not a bank, so its wallets, cards and conversions depend on licensed institutions and card networks. If a partner exits a market or raises prices, RedotPay could lose service there or see its above-50% operating margin squeezed.
Hong Kong restrictions: Since August 2025, RedotPay has restricted stablecoin swaps and fiat on-ramp services for Hong Kong residents, citizens and people or entities located there; the notice says credit card services are unaffected. Unresolved legal and regulatory issues in RedotPay's IPO preparation could delay a filing or pressure the $5B target.
Exchange bundling: Coinbase and Crypto.com already hold users' crypto and could subsidize card fees with trading revenue. RedotPay depends on payment fees, so a card price war would hit its core revenue directly.
DISCLAIMERS
This report is for information purposes only and is not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise constitutes a personal trade recommendation to you.
This research report has been prepared solely by Sacra and should not be considered a product of any person or entity that makes such report available, if any.
Information and opinions presented in the sections of the report were obtained or derived from sources Sacra believes are reliable, but Sacra makes no representation as to their accuracy or completeness. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a determination at its original date of publication by Sacra and are subject to change without notice.
Sacra accepts no liability for loss arising from the use of the material presented in this report, except that this exclusion of liability does not apply to the extent that liability arises under specific statutes or regulations applicable to Sacra. Sacra may have issued, and may in the future issue, other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. Those reports reflect different assumptions, views and analytical methods of the analysts who prepared them and Sacra is under no obligation to ensure that such other reports are brought to the attention of any recipient of this report.
All rights reserved. All material presented in this report, unless specifically indicated otherwise is under copyright to Sacra. Sacra reserves any and all intellectual property rights in the report. All trademarks, service marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of Sacra. Any modification, copying, displaying, distributing, transmitting, publishing, licensing, creating derivative works from, or selling any report is strictly prohibited. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of Sacra. Any unauthorized duplication, redistribution or disclosure of this report will result in prosecution.