Payward, the parent company behind Kraken, has agreed to acquire Hong Kong-based Reap Technologies for up to $600 million. The Payward buys Reap deal adds card issuance and cross-border stablecoin payment capabilities to Payward Services, the B2B infrastructure platform the company launched in March.
The transaction will be paid in a mix of cash and Payward stock. It values Payward’s equity at $20 billion. Completion depends on regulatory approvals, expected in the second half of this year.
Payward buys Reap to expand payments infrastructure
Payward Services integrates trading, payments, funding and digital asset services through a single system. The Payward buys Reap acquisition extends that platform into the global cards and payments space. Partners will be able to embed card issuance, cross-border payments, and stablecoin treasury services alongside Payward’s existing offering.
Reap was founded in 2018 by Daren Guo, formerly with Stripe in Asia Pacific, and Kevin Kang, an ex-investment banker. The company specialises in connecting traditional financial systems with digital assets, aiming to enable cross-border money flows. It will continue operating as a standalone platform after the deal closes.
| Entity | Role | Detail |
|---|---|---|
| Payward | Acquirer | Parent company of Kraken |
| Reap | Target | Hong Kong-based payments platform |
| Deal size | Consideration | Up to $600 million |
| Structure | Mix | Cash and Payward stock |
| Equity valuation | Implied | $20 billion |
| Closure | Expected | H2 2026 |
Asia push deepens with Payward buys Reap transaction
The deal is Payward’s first infrastructure acquisition in Asia and one of its largest transactions to date, according to reports. Arjun Sethi, co-CEO of Payward and Kraken, described Reap as the payments layer for the next phase of the platform’s expansion. Card networks, banking rails, and blockchains will settle in stablecoins through a single API.
Sethi noted that Asia is the fastest growing market for Payward outside Europe, measured by both revenue and assets on platform. Reap’s existing footprint in the region allows immediate expansion into the US market through Payward’s infrastructure.
The Payward buys Reap deal follows Payward’s acquisitions of Bitnomial exchange, futures broker NinjaTrader, and xStocks issuer Backed. The company is expanding its platform through a series of targeted acquisitions across derivatives, payments, and digital asset infrastructure.
Stablecoin payments traction across crypto firms
Crypto companies are pushing deeper into payments infrastructure and stablecoin-related products. Stablecoins are gaining traction among fintech firms and businesses as a settlement layer for cross-border flows. The Payward buys Reap transaction reflects that shift. Traditional trading services no longer define the revenue model.
Payward Services launched earlier this year as a B2B platform. The Reap acquisition brings card issuance and stablecoin treasury services into that offering. Partners will be able to provision payment solutions that bridge traditional financial systems and digital assets on a single API.
Reap co-founders confirmed the platform will continue operating independently post-transaction, subject to customary regulatory approvals. The deal is expected to close in the second half of 2026.
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