CHEYENNE, Wyoming — May 7, 2026
Executive Summary
Payward has announced a definitive agreement to acquire Reap in a transaction valued at up to $600 million, payable through a combination of cash and Payward stock. The acquisition expands Payward Services, the company’s B2B infrastructure platform, into the global cards and payments segment through the integration of Reap’s stablecoin-native card issuing and cross-border payments infrastructure.
According to the companies, the transaction is intended to strengthen Payward’s regulated global financial infrastructure by combining Reap’s payments and card issuance capabilities with Payward’s existing crypto trading, custody, liquidity, settlement, and tokenized asset infrastructure. The acquisition also supports Payward’s strategy of expanding its infrastructure platform through capability-focused transactions and follows previous acquisitions involving NinjaTrader, Bitnomial, and Backed. The transaction remains subject to customary closing conditions and regulatory approvals and is expected to close during the second half of 2026.
Announcement Overview
Payward stated that the acquisition of Reap will extend the company’s globally regulated infrastructure platform into stablecoin-powered payments, card issuing, treasury management, and cross-border money movement. Reap’s infrastructure connects traditional banking rails, card networks, and blockchain-based settlement systems through a unified API-driven architecture designed for businesses operating across multiple jurisdictions.
The companies indicated that the acquisition expands the functionality of Payward Services, which currently provides infrastructure supporting crypto trading, tokenized assets, derivatives, custody, liquidity, and fiat on/off-ramp capabilities for institutional and B2B partners. Through the addition of Reap’s infrastructure, partners using Payward Services are expected to gain access to embedded card issuance, global payouts, stablecoin treasury services, and payments capabilities through a consolidated infrastructure environment.
The acquisition also creates an expanded regulatory footprint across multiple regions, including the United States, Europe, Asia-Pacific, Latin America, and MENA markets. According to the companies, the transaction combines Reap’s licensing infrastructure across APAC and South America with Payward’s existing regulatory presence in the United States and Europe.
Key Announcement Details
- Announcement Type: Acquisition Agreement
- Acquiring Company: Payward, Inc.
- Target Company: Reap Technologies Holdings Limited
- Transaction Value: Up to $600 million
- Payment Structure: Combination of cash and Payward stock
- Payward Equity Valuation: $20 billion
- Primary Expansion Area: Global cards and payments infrastructure
- Core Infrastructure Focus: Stablecoin-native payments and card issuing
- Platform Expansion: Payward Services B2B infrastructure platform
- Key Capabilities Added: Card issuance, cross-border payments, treasury management
- Settlement Infrastructure: Stablecoin-enabled settlement systems
- Geographic Expansion Focus: APAC, Americas, Europe, MENA, and Latin America
- Operational Model Post-Acquisition: Reap to continue as a standalone platform within Payward ecosystem
- Leadership Continuity: Reap leadership team to remain led by Daren Guo
- Expected Closing Timeline: Second half of 2026
- Regulatory Status: Subject to customary closing conditions and regulatory approvals
- Financial Advisor to Payward: PJT Partners
- Legal Advisor to Payward: Jones Day
- Financial Advisors to Reap: CRB Securities and Goldman Sachs (Asia) L.L.C.
- Legal Advisor to Reap: Latham & Watkins
Expansion of Payward Services Into Global Payments Infrastructure
Payward stated that the acquisition significantly expands the capabilities available through Payward Services, the company’s B2B infrastructure platform designed to provide financial infrastructure through a unified integration environment. According to the company, Payward Services currently supports infrastructure capabilities including:
- Crypto trading infrastructure
- Custody services
- Tokenized asset support
- Derivatives infrastructure
- Fiat on/off-ramp services
- Settlement and liquidity capabilities
Through the integration of Reap, the platform is expected to extend into additional financial infrastructure categories, including:
- Card issuance
- Cross-border payouts
- Stablecoin treasury management
- Corporate card programs
- Payments infrastructure
- Stablecoin-native settlement services
Payward stated that partners will be able to access these capabilities through a consolidated infrastructure framework rather than relying on multiple vendors or fragmented service environments. The company indicated that the objective is to provide a single integration point for institutions building always-on financial products and services operating across both digital asset and traditional financial systems.
The acquisition follows a series of previous capability-focused transactions completed by Payward involving NinjaTrader, Bitnomial, and Backed as part of the company’s broader infrastructure expansion strategy.
Reap’s Stablecoin-Native Payments and Card Infrastructure
Reap has developed infrastructure focused on connecting traditional financial systems with digital asset-based settlement and treasury capabilities. According to the company, its platform integrates:
- Traditional finance rails
- Card network infrastructure
- Stablecoin settlement systems
- Cross-border payment functionality
- Corporate card issuance capabilities
- Treasury management infrastructure
The company stated that its platform operates through a unified API-driven infrastructure layer that enables businesses to manage global payments and money movement operations with greater operational efficiency and transparency.
Reap indicated that stablecoin adoption within global payment systems has continued to accelerate, particularly among businesses utilizing digital assets for:
- Cross-border settlement
- Treasury operations
- Corporate payment flows
- Global payouts
- Operational liquidity management
According to the company, Reap processed billions of dollars in stablecoin-funded transaction flows during 2025 and expanded its licensing footprint from Asia into South America during the same period.
The acquisition is expected to connect Reap’s payment and card infrastructure with Payward’s broader financial infrastructure ecosystem, including liquidity, settlement, custody, and compliance capabilities.
Leadership Statements on the Acquisition
Arjun Sethi, Co-CEO of Payward, commented on the transaction and the broader direction of financial infrastructure development.
“Finance is moving in one direction. Continuous markets. Programmable money. Autonomous execution. Stablecoins are the settlement substrate. AI agents are the new participants. We see the inflection on our own platform: Krak shipped to 110 countries on Day 1, xStocks crossed $29 billion in cumulative volume in its first year, 1,900 B2B partners run on Payward’s shared infrastructure today. Reap is the payments layer for what comes next. Card networks, banking rails, and blockchains on a single API, settling in stablecoins. The infrastructure for that world has to be open, regulated, and operational at global scale on Day 1. The next financial product will not be assembled. It will be deployed.”
The statement highlighted several operational metrics and platform indicators referenced by the company, including:
- Krak launch across 110 countries
- xStocks surpassing $29 billion in cumulative volume
- 1,900 B2B partners operating on Payward infrastructure
Daren Guo, Co-Founder and Chief Executive Officer of Reap, also commented on the transaction and the role of stablecoins within payments infrastructure.
“Stablecoins in card payments are one of the largest real world applications today and Reap is proud to be leading the way. With the global stablecoin and crypto card market now exceeding $18 billion annually, Reap nearly tripled revenue and volumes in 2025, and expanded our licensing footprint from Asia to South America. What’s next is for us to connect stablecoin cards and payments to a full suite of crypto-native financial services to power scale, regulatory reach, and distribution for our clients. Joining Payward was a natural step to accelerate the future of finance and build category-disrupting offerings in web3, agentic commerce and more.”
According to the companies, the acquisition is intended to support the development of broader crypto-native financial services integrated with stablecoin-powered payment and card capabilities.
Regulatory Expansion and Global Market Reach
The companies stated that the acquisition creates a complementary regulatory footprint designed to support international expansion across multiple jurisdictions. According to the announcement:
- Reap’s licenses are expected to accelerate Payward’s expansion across APAC and the Americas
- Payward’s regulatory infrastructure in the United States and Europe is expected to support Reap’s expansion into those regions
- The combined businesses are expected to expand stablecoin-powered payments infrastructure into MENA and Latin American markets
The companies also indicated that the transaction supports the continued development of globally regulated infrastructure capable of operating across traditional financial systems and digital asset ecosystems.
Payward stated that globally regulated infrastructure remains central to the company’s broader strategy of operating financial services products across multiple regulatory environments while maintaining unified operational systems and infrastructure layers.
Reap to Continue Operating as a Standalone Platform
According to the announcement, Reap will continue operating as a standalone platform within the broader Payward ecosystem following completion of the acquisition. The company stated that:
- Reap’s leadership team will remain in place
- Daren Guo will continue leading the business
- The Reap brand and go-to-market strategy will remain intact
- The company will gain access to Payward’s infrastructure and regulatory network
The companies indicated that Reap’s card issuing and cross-border payments infrastructure will become available to partners utilizing Payward Services while maintaining continuity within Reap’s operational structure.
Payward also stated that Reap partners will gain access to broader infrastructure capabilities, including:
- Global liquidity infrastructure
- Custody systems
- Settlement infrastructure
- Regulatory and compliance capabilities
The structure is intended to preserve Reap’s existing operations while integrating the company into Payward’s infrastructure ecosystem.
Advisors to the Transaction
The companies identified the advisors involved in the acquisition transaction.
For Payward:
- PJT Partners served as financial advisor
- Jones Day served as legal advisor
For Reap:
- CRB Securities served as financial advisor
- Goldman Sachs (Asia) L.L.C. served as financial advisor
- Latham & Watkins served as legal advisor
The transaction remains subject to customary closing conditions and regulatory approvals.
About Payward
Payward is a unified financial infrastructure platform focused on supporting an open global financial system through a shared operational and regulatory architecture. The company powers a family of products designed to enable customers to hold, trade, earn, pay, and invest across asset classes.
According to the company, Payward operates through a shared infrastructure model that supports multiple products and services while maintaining unified operational systems and compliance frameworks. Products operating within the Payward ecosystem include:
- Kraken
- NinjaTrader
- Breakout
- xStocks
- Bitnomial
- CF Benchmarks
The company stated that its infrastructure model separates infrastructure capabilities from product interfaces, enabling products designed for different customer segments and regulatory environments to operate on the same global foundation.
According to Payward, the shared architecture includes:
- One global liquidity pool
- One unified risk and margin engine
- One collateral and settlement system
- One compliance and licensing framework
The company stated that this infrastructure approach supports efficient scaling, operational consistency, and lower marginal costs associated with launching new products and serving global markets.
About Reap
Reap is a financial technology company focused on enabling financial connectivity through stablecoin-native infrastructure and integrated financial systems supporting global business operations.
Founded and headquartered in Hong Kong, the company employs more than 200 people worldwide and operates infrastructure supporting stablecoin-enabled payments, embedded finance solutions, business accounts, and corporate card capabilities.
According to the company, Reap was among the early organizations in Asia to integrate stablecoins into financial infrastructure solutions. The company stated that its infrastructure is designed to support more efficient global money movement by combining traditional finance systems with digital asset capabilities.
The company’s infrastructure supports:
- Stablecoin-enabled corporate cards
- Cross-border payments
- Business accounts
- Embedded finance capabilities
- Treasury management infrastructure
- Stablecoin-funded transaction flows
Reap stated that its operational objective is to connect financial markets and improve financial connectivity for businesses operating internationally.
Media Contact
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Source Attribution
Source: Company announcement
