Reap

Reap is a Hong Kong-based financial infrastructure company that enables businesses to issue cards, make cross-border payments, and manage stablecoin treasury operations through a unified API platform. Founded in 2018 by Kevin Kang and Daren Guo, the company operates under the tagline "the future of financial connectivity and access" and has built its stack to bridge the gap between crypto-native balance sheets and traditional payment rails.

Core Products

Reap's platform consists of four main service areas:

Card Issuing API — Reap is a Visa Principal Issuer in both Hong Kong and Mexico, which allows it to issue physical and virtual Visa cards to end users on behalf of B2B clients. The card issuing API covers the full card lifecycle: onboarding, card production, personalization, shipping, and spend controls. Clients can configure card programs with their own branding, spend limits, and currency denominations (USD and HKD supported). In March 2025, Reap released version 2.0 of its Card Issuing API, adding granular shipping status tracking across the full delivery lifecycle — covering statuses from card production through delivery, including exception and cancellation states — and improved bulk shipment order handling with dedicated shipping address objects.

Payments API — Reap's payments infrastructure handles cross-border collections and payouts. Senders fund transactions in stablecoins; recipients receive local fiat currency. This structure allows companies with crypto-denominated treasuries to pay international vendors, contractors, and partners without first converting to fiat through a traditional banking intermediary.

Stablecoin Treasury Management — Businesses can deposit USDC and USDT into Reap-managed treasury accounts, which settle in either fiat or digital assets depending on configuration. In March 2025, Reap announced that Solana is now its primary blockchain for stablecoin treasury management. The move was driven by Solana's transaction throughput and low settlement costs, which the company cited as essential for enterprise-scale operations. Reap maintains multi-chain USDC/USDT support across Ethereum, Polygon, and Tron, but routes primary treasury flow through Solana. Concurrent with the Solana announcement, Reap disclosed a partnership with Zodia Markets — a digital asset brokerage backed by Standard Chartered — to provide institutional-grade liquidity and rapid settlement for stablecoin treasury operations.

Reap Direct and Agentic Payments — For companies that need a direct account rather than custom API integration, Reap Direct bundles corporate cards, international payments, and expense management into a single multi-currency dashboard. The company has also introduced agentic payment primitives designed for AI agents that need to transact on behalf of businesses without human-in-the-loop approval for each transaction.

Infrastructure Partners and Compliance

Reap's infrastructure stack includes Fireblocks for digital asset custody, Circle for USDC settlement, OpenZeppelin for smart contract security, Visa for card network access, and Chainalysis for fraud and sanctions screening. The platform is PCI DSS compliant.

Reap holds payment institution licenses across multiple jurisdictions. It obtained its initial Hong Kong license in 2018, achieved Visa Principal Issuer status in Mexico, and received in-principle approval from Singapore's Monetary Authority (MAS) for a Major Payment Institution license in January 2025. MAS granted the full MPI license in October 2025, enabling Reap to operate across Southeast Asia under Singapore's regulated framework.

Funding and Growth

Reap raised $40 million in a Series A round in October 2022, led by Acorn Pacific Ventures, Arcadia Funds, and HashKey Capital, with participation from Hustle Fund, Fresco Capital, Abacus Ventures, and Payment Asia. At the time of the Series A, the company was focused primarily on corporate card issuance for businesses in the Asia-Pacific region.

Over 2025, Reap expanded its product surface from a single-product corporate card provider to a horizontal financial infrastructure company serving developers who want to embed cards, payments, and treasury management into their own platforms. Revenue and processed volumes nearly tripled during the year as the company extended operations from Asia into South America.

Acquisition by Payward (Kraken)

In May 2026, Payward — the parent company of crypto exchange Kraken — signed a definitive agreement to acquire Reap Technologies Holdings Limited for up to $600 million in a combination of cash and Payward equity. The deal values Payward at $20 billion in equity. Reap will continue operating independently under its existing brand and leadership team, with co-founder Daren Guo remaining as CEO.

The strategic rationale cited by both parties centers on complementary licensing and geographic coverage. Reap's regulated presence in Hong Kong, Mexico, and Singapore accelerates Payward's expansion into Asia-Pacific and Latin America, while Payward's existing licenses in the EU and US open those corridors for Reap's payment products. Both companies identified the Middle East and North Africa as a shared expansion priority. Payward co-CEO Arjun Sethi described the acquisition as adding infrastructure that is "open, regulated, and operational at global scale." The transaction remained subject to regulatory approval and was expected to close in the second half of 2026.

Solana Relationship

Reap presented at Solana Breakpoint 2024, where it demonstrated its stablecoin-enabled Visa card and B2B payment solutions for crypto businesses. The March 2025 announcement formally designating Solana as the primary treasury chain deepened that relationship from conference participation to core infrastructure dependency. Reap lists Solana as an infrastructure partner on its platform documentation alongside Circle, Fireblocks, and Visa. The company's choice to anchor treasury settlement on Solana reflects the cost and throughput profile that has made Solana a common settlement layer for enterprise stablecoin applications.

As of mid-2026, Reap operates across nine countries and serves over 400,000 registered businesses. The company is actively participating in regional fintech events, including WebX Asia Tokyo 2026, where it is showcasing stablecoin payment capabilities for the Asia-Pacific market.