Payward has agreed to acquire stablecoin payments infrastructure firm Reap Technologies for up to USD 600 million in cash and stock.
The acquisition will extend Payward Services into global card issuance and stablecoin-powered payments. Payward Services currently provides partners with a single integration point covering crypto trading, custody, tokenised assets, on/off-ramps, and derivatives. The addition of Reap is intended to allow partners to embed card issuance, cross-border payments, and stablecoin treasury services within the same platform, without relying on multiple vendors or managing fragmented infrastructure.
In addition, the transaction implies an equity valuation of USD 20 billion for Payward.
Reap's platform and market position
Reap has developed a card issuing and cross-border payments stack that connects traditional financial systems with digital assets through an API-driven infrastructure. The platform integrates card networks, conventional finance rails, and stablecoin-native settlement, supporting corporate card issuing, card programmes, cross-border payouts, and treasury management.
The deal arrives amid accelerating stablecoin adoption across payments, treasury management, and cross-border settlement. The global stablecoin and crypto card market is cited as exceeding USD 18 billion annually.
Regulatory footprint and integration plans
According to the official press release, a key rationale for the transaction is the combined regulatory coverage. Reap's existing licences are expected to support Payward's expansion across the Asia-Pacific region and the Americas, while Payward's EU and US licences are expected to open European and US market access for Reap. Together, the two companies intend to extend stablecoin-powered payments infrastructure into markets across the Middle East, North Africa, and Latin America.
Following the close of the transaction, Reap will continue to operate as a standalone platform within the Payward ecosystem, retaining its leadership team, brand, and go-to-market approach. In addition, Reap's card issuance and cross-border payment capabilities will be made available to Payward Services partners alongside Payward's existing liquidity, custody, and settlement infrastructure.
This acquisition follows Payward's earlier transactions involving NinjaTrader, Bitnomial, and Backed, and continues the company's strategy of expanding its platform through capability-focused acquisitions.
The transaction remains subject to customary closing conditions and regulatory approvals, and is expected to close in the second half of 2026.
