RedotPay completes audit ahead of US IPO
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- RedotPay has completed a financial audit required for its planned US initial public offering.
- The stablecoin payments company had 8.5 million users as of July.
- RedotPay is targeting a valuation above $5 billion, according to a source familiar with the matter.
RedotPay has completed a financial audit as it prepares for a potential US initial public offering.
The Hong Kong-based stablecoin payments company also completed a separate review of its AML and CFT controls.
“We undertook these audits to build confidence and trust in our financial reporting and compliance standards,” RedotPay CEO and co-founder Michael Gao said in emailed comments.
The financial audit forms part of the preparation for a US IPO, where audited financial statements must appear in the prospectus.
“They also form part of our preparation for taking the company public,” Gao said.
RedotPay lets users hold stablecoins, spend them through a linked Visa card and send money across borders.
The company had 8.5 million users in July, while second-quarter transaction volume reached a record.
The audit moves RedotPay closer to its planned US IPO as preparations continue.
