Payward, Inc., the parent company of cryptocurrency platform Kraken, has entered into a definitive agreement to acquire Reap Technologies Holdings Limited for up to $600 million, a deal structured as a combination of cash and Payward stock. The acquisition aligns with Payward’s ongoing expansion strategy, following previous transactions involving NinjaTrader, Bitnomial, and Backed, and extends the company’s B2B infrastructure into global card issuance and stablecoin-based payments.

Reap Technologies, a Hong Kong-based fintech firm, has developed a robust API-driven platform that merges traditional financial systems with digital assets, allowing for corporate card issuance, cross-border payments, and treasury management settled in stablecoins. In 2025, Reap nearly tripled its revenue and transaction volumes while expanding its licensing footprint from Asia to South America, underscoring the growing adoption of stablecoins in real-world payment applications. According to Reap CEO Daren Guo, the firm’s technology now enables businesses to move money globally with enhanced speed, transparency, and efficiency, meeting the increasing demand for stablecoin-native infrastructure.

Payward Services, the company’s existing B2B platform, offers partners a unified interface for crypto trading, custody, tokenized assets, on/off-ramps, and derivatives management. Integrating Reap’s capabilities allows partners to embed card issuance, cross-border payments, and stablecoin treasury services within the same infrastructure, eliminating the need for multiple vendors or fragmented systems. This consolidation addresses a key industry challenge in digital finance: the seamless interoperability of traditional and digital rails.

Arjun Sethi, Co-CEO of Payward, emphasized the strategic importance of Reap as “the payments layer for what comes next,” noting that the firm’s combined infrastructure will operate globally from day one, supporting programmable money, continuous markets, and AI-driven autonomous execution. The integration leverages Payward’s EU and US licenses alongside Reap’s APAC and Latin American regulatory footprint, positioning the combined entity to expand into high-growth markets, including MENA and Latin America.

The acquisition will enable Payward Services partners to access Reap’s card issuing and cross-border payment functionalities alongside Payward’s liquidity, custody, and settlement infrastructure. Reap will retain operational independence within the Payward ecosystem, maintaining its leadership team and brand identity, while benefiting from a larger regulatory and operational platform. This approach allows for accelerated product deployment while preserving Reap’s innovative culture and client relationships.

Market analysts highlight that the global stablecoin and crypto card market now exceeds $18 billion annually. The merger allows Payward to offer a comprehensive suite of regulated, API-driven financial services that integrate stablecoin settlement with traditional banking rails, addressing the growing demand among corporate and institutional clients for seamless, cross-border payment solutions. As businesses increasingly adopt digital assets for treasury management and payments, the combined infrastructure is expected to streamline operations, reduce transaction friction, and enhance transparency in global money movement.

From a regulatory perspective, the deal strengthens both firms’ compliance capabilities. Reap’s existing licenses in APAC and South America complement Payward’s EU and US approvals, creating a broader global footprint for regulated digital asset services. This dual-license structure is anticipated to facilitate market entry and expansion, enabling services across multiple jurisdictions while meeting compliance standards for stablecoin and crypto-related payment products.

The transaction, subject to customary closing conditions and regulatory approvals, is expected to finalize in the second half of 2026. Financial advisory for the deal included PJT Partners and Jones Day for Payward, and CRB Securities, Goldman Sachs (Asia) L.L.C., and Latham & Watkins for Reap, ensuring comprehensive strategic and legal guidance throughout the process.

Industry observers suggest that this acquisition positions Payward to compete more effectively with both traditional financial institutions and emerging fintechs offering stablecoin and cross-border payment solutions. By integrating Reap’s platform, Payward can offer a single, unified infrastructure for multiple financial services, potentially lowering operational costs for clients while enabling faster product innovation. The combined entity will serve a diverse range of partners across corporate, institutional, and fintech segments, reinforcing Payward’s vision of an open, global financial system.

Looking ahead, Payward plans to leverage Reap’s technology to accelerate the development of next-generation financial products in areas such as web3 commerce, programmable money, and agentic financial services. The firms project that stablecoin adoption will continue to grow across global markets, driven by demand for more efficient settlement mechanisms, enhanced liquidity management, and the need for scalable, regulated payment infrastructures.

In summary, the acquisition of Reap Technologies represents a strategic move by Payward to consolidate its B2B financial infrastructure, expand global reach, and provide a unified, regulated platform for stablecoin-enabled payments and card issuance. The integration is expected to enhance product offerings, accelerate market expansion, and solidify the firm’s leadership position in the rapidly evolving intersection of traditional finance and digital assets.