RedotPay, seeking a $5 billion valuation, is already struggling to keep up with growth.

According to Bloomberg, citing anonymous sources on October 26, Hong Kong-based crypto payment card firm RedotPay is planning to confidentially file for a U.S. IPO before year-end, targeting a valuation of no less than $5 billion. At the same time, the company is still in discussions with investors over a pre-IPO funding round, which would imply a valuation range of $4 billion to $5 billion. Earlier, in August, Bloomberg reported that RedotPay had postponed its listing plans due to regulatory and legal challenges—a report the company subsequently disputed. Also in August, a Binance-affiliated entity filed a lawsuit against RedotPay’s three co-founders in a Hong Kong court, seeking approximately $470 million in damages; the case remains pending. Since its valuation first crossed $1 billion in September last year, RedotPay—founded just three years ago—has seen its valuation surge roughly fivefold as it races toward a $5 billion target, scaling rapidly while simultaneously strengthening its compliance foundation.