Payward, a unified financial infrastructure platform, has agreed to acquire Reap Technologies, a stablecoin-native card issuing and payments infrastructure company, for up to $600m in a deal that values Payward at $20bn.
The transaction will be settled through a combination of cash and Payward stock. The acquisition will bring card issuance, cross-border payments, and stablecoin treasury services into Payward Services, the company’s B2B infrastructure platform, allowing partners to access these capabilities alongside its existing offering through a single integration point.
Payward Services currently provides partners with infrastructure to build financial products spanning digital asset trading, custody, tokenised assets, on/off-ramps, and derivatives. By adding Reap’s capabilities, partners will be able to embed card issuance and stablecoin payments without the need to manage multiple vendors or fragmented infrastructure. The deal follows Payward’s previous acquisitions of NinjaTrader, Bitnomial, and Backed, continuing its strategy of growing the platform through capability-focused transactions.
Reap has developed a card issuing and cross-border payments stack that bridges traditional financial systems with digital assets. Its platform brings together card networks, conventional finance rails, and stablecoin-native settlement within a single API-driven infrastructure, supporting corporate card programmes, cross-border payouts, and treasury management. The
Following the close of the acquisition, Reap will continue to operate as a standalone platform within the Payward ecosystem, retaining its leadership team, brand, and go-to-market approach.
The transaction remains subject to customary closing conditions and regulatory approvals, with completion expected in the second half of 2026.
Payward co-CEO Arjun Sethi said, “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.”
Reap co-founder and CEO Daren Guo said, “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.”
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