Kraken parent Payward Ventures agrees to buy Hong Kong fintech Reap for about $600 million

Payward Ventures, the parent company of crypto exchange Kraken, has agreed to acquire Hong Kong fintech firm Reap for about $600 million, according to Techub, citing Tech in Asia. Reap focuses on payment solutions for businesses, and its technology is set to be folded into Payward’s efforts to test AI-driven procurement setups. The deal points to a broader product push beyond crypto exchange services and is expected to strengthen Payward’s fintech footprint in the Asia-Pacific region. Reap’s system can issue payment credentials with restrictions tied to merchants, spending amounts, and time windows, while also handling checkout processes. Payward plans to use that infrastructure to explore how AI can automate parts of enterprise procurement. The transaction, as described in the report, centers on integrating Reap’s tools rather than disclosing any separate product launch or timeline beyond the agreement itself.