Payward

1Exits tracked$600mDisclosed value$600mMedian price0Acquihires

Photo: Aaron Zhu / Wikimedia Commons, CC BY-SA 3.0

Kraken parent Payward agrees to buy Hong Kong stablecoin card issuer Reap for up to $600 million

The cash-and-stock deal valued Payward at $20 billion and was its first infrastructure purchase in Asia. Reap, founded in 2018, said its revenue and volumes nearly tripled in 2025.

Price$600mRaisedn/aLast stageSeries ABuyer typeCorporate

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7 MayPayward → ReapHong Kong · Series A · raised n/a$600m$250m–1bn