RedotPay completes financial audit ahead of planned IPO

RedotPay said Monday that it completed a financial audit as a required step toward a planned U.S. IPO. A U.S. IPO prospectus must include audited financial statements. Big Four firms conducted the financial audit and the separate review of RedotPay's anti-money-laundering and counter-terrorist-financing controls. RedotPay did not name the firms. The compliance review was a separate part of the company's IPO preparations. A person familiar with the company said RedotPay is targeting a valuation above $5 billion. RedotPay said it had 8.5 million users as of July. The company lets users hold stablecoins in an app. Users can spend them through a linked Visa card. Users can also send money across borders. RedotPay CEO and co-founder Michael Gao said the audits were intended to build confidence and trust in the company's financial reporting and compliance standards. Gao said the audits also form part of RedotPay's preparations to take the company public.