Payward, the parent company of crypto exchange Kraken, has agreed to buy Hong Kong-based payments firm Reap for as much as $600 million. The deal brings card issuance and stablecoin payment tools into Payward's business-to-business platform.
What the acquisition adds
Reap is a Hong Kong-based company that provides payment infrastructure, including card issuing and stablecoin settlement. By folding Reap into its new B2B offering, Payward gains the ability to offer businesses a way to issue corporate cards and settle transactions using stablecoins. That combination isn't something many crypto firms have in-house.
Why Payward is buying
Payward has been pushing deeper into institutional and commercial services. The Reap acquisition fits directly into that strategy. Instead of building the capabilities from scratch, Payward is buying a ready-made system that already operates in Asia. The up-to-$600 million price tag signals the company see this as a core piece of its future B2B business.
The acquisition also gives Payward a physical presence in Hong Kong, a major financial hub. Reap will continue operating from the city, and its team is expected to stay on.
A growing focus on stablecoins
Stablecoin-based payments have become a bigger priority for crypto companies looking to bridge traditional finance and digital assets. By adding Reap's infrastructure, Payward can offer merchants and corporate clients a way to move money in USDC or other stablecoins without relying on third-party processors. Card issuance tied to those stablecoin accounts creates another revenue stream.
The deal is structured with an initial payment and earn-out milestones that could push the total to $600 million. Exact terms haven't been disclosed beyond that range.
Reap was founded in 2015 and has raised venture funding from investors including Fresco Capital and Y Combinator. The company's existing clients include e-commerce platforms and fintech firms in Asia.
