Portfolio Company Update: Payment Asia Early Investee Reap Acquired by Kraken Parent Payward for $600 Million

Payment Asia is pleased to announce that Reap Technologies Holdings Limited (Reap), a Hong Kong-based fintech company we backed in its early stages, has entered into a definitive acquisition agreement with Payward, Inc., the parent company of cryptocurrency exchange Kraken. Payward will acquire Reap for up to $600 million in a mix of cash and stock, in a transaction that values Payward’s equity at $20 billion.

As a co-investor in Reap’s $40 million Series A round in 2022, Payment Asia has witnessed and supported Reap’s outstanding growth in stablecoin payments and corporate financial infrastructure. This acquisition is both a strong validation of Reap’s innovation and market vision, and a testament to Payment Asia’s ability to identify and nurture globally scalable fintech ventures.

Global expansion of stablecoin payments

Founded in 2018 and headquartered in Hong Kong, Reap is a leading stablecoin-native card issuing and payments infrastructure company. It has built a card issuance and cross-border payments stack that bridges traditional finance and digital assets, enabling businesses to move money globally with greater speed, transparency and efficiency. Its API-driven platform integrates card networks, traditional rails and stablecoin settlement to support corporate card issuing, cross-border payouts and treasury management.

In recent years, Reap has shown remarkable momentum. In 2025, it processed billions of dollars in stablecoin transaction flows, nearly tripled its revenue and volumes, and expanded its licensing footprint from Asia to South America.

Looking ahead to deeper synergies

Following the acquisition, Reap will continue to operate as a standalone platform within the Payward ecosystem. Payment Asia looks forward to exploring further strategic synergies with Reap and Payward. As stablecoin adoption grows in corporate payments and cross-border settlement, we see significant opportunities to bridge traditional payment gateways with Web3 financial infrastructure, delivering a more efficient and compliant next-generation payment experience for merchants.

The transaction is expected to close in the second half of 2026. Payment Asia extends its warmest congratulations to the Reap team on this major milestone and looks forward to their continued success on Payward’s global platform.