Hong Kong-based crypto payment card firm Redotpay is preparing to confidentially file for a U.S. IPO before year-end, following months of regulatory discussions. The company is also in talks for a Pre-IPO funding round that could value it at $4 billion to $5 billion, and is working with JPMorgan, Goldman Sachs, Jefferies, and Barclays on an offering targeting a valuation of at least $5 billion. Founded in 2023, Redotpay provides physical and virtual cards for crypto transactions with a focus on stablecoins. The company reports more than 9 million customers, 280 employees, annualized revenue exceeding $180 million, and revenue growth above 50% year-over-year through the first three quarters of 2026, with operating margins surpassing 50%. Redotpay raised $194 million in 2025 from investors including the venture arms of Coinbase and Circle.