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#RedotPay targets a $5 billion valuation
The Hong Kong crypto payment card company is aiming for a $5 billion valuation.
RedotPay plans to confidentially file for a U.S. IPO before the end of the year.
It’s also in talks for a $4–5 billion pre-IPO round.
The numbers look good on paper.
9 million customers.
Annualized revenue of more than $180 million.
Operating margin above 50%.
At $5 billion, that’s 28 times annualized revenue.
Publicly listed stablecoin issuer Circle trades at a P/E of around 50 times.
The issue is growth.
On-chain deposits in September totaled $537.9 million.
In August, they were $534.4 million—almost no change.
Card spending was $403.2 million, versus $403.6 million in August.
Spending grew 12.9% over the past 90 days.
Rival EtherFi grew 42.5%.
KAST grew 35.5%.
Interest income and cashback on spending are the core of its revenue.
In crypto, the payments sector is now being valued like financial stocks.
If growth stalls, the valuation multiple won’t hold.
Do you think institutional investors will buy at this price? Let’s talk in the comments.
#RedotPay targets a $5 billion valuation
The Hong Kong crypto payment card company is aiming for a $5 billion valuation.
RedotPay plans to confidentially file for a U.S. IPO before the end of the year.
It’s also in talks for a $4–5 billion pre-IPO round.
The numbers look good on paper.
9 million customers.
Annualized revenue of more than $180 million.
Operating margin above 50%.
At $5 billion, that’s 28 times annualized revenue.
Publicly listed stablecoin issuer Circle trades at a P/E of around 50 times.
The issue is growth.
On-chain deposits in September totaled $537.9 million.
In August, they were $534.4 million—almost no change.
Card spending was $403.2 million, versus $403.6 million in August.
Spending grew 12.9% over the past 90 days.
Rival EtherFi grew 42.5%.
KAST grew 35.5%.
Interest income and cashback on spending are the core of its revenue.
In crypto, the payments sector is now being valued like financial stocks.
If growth stalls, the valuation multiple won’t hold.
Do you think institutional investors will buy at this price? Let’s talk in the comments.
