Drew & Napier acted for Payward, Inc. in its proposed acquisition of Reap Technologies Holdings Limited, valued at $600 million in a cash and stock deal
13 May 2026
Director Grace Chong led the Drew & Napier team which acted as one of the legal advisors to Payward, Inc. in connection with APAC regulatory aspects in relation to its proposed acquisition of Reap Technologies Holdings Limited. She was supported by Senior Associates Theodore Tay and Bryan Ong, and Associates Leanne Chee, Irving Wong and Hui Min Goh. Director Benjamin Gaw also advised on employment law aspects of the transaction.
The acquisition was valued at US$600 million in a mix of cash and Payward stock for 100% ownership, valuing Payward’s equity at US$20 billion. The acquisition of Reap follows Payward’s acquisitions of NinjaTrader, Bitnomial, and Backed and gives Payward immediate access to regulated payment infrastructure in fast-growing markets. The acquisition is also intended to expand Payward’s B2B infrastructure platform, unlocking globally regulated infrastructure for card issuance and stablecoin payments, integrating card networks, traditional finance rails, and stablecoin-native settlement into a single API-driven infrastructure.
Founded in 2011, Payward is a globally recognised digital asset and financial infrastructure platform providing a broad suite of services including spot and derivatives trading, prime brokerage, regulated digital asset custody, staking, payments infrastructure and institutional financing solutions.
Founded in 2018, Reap is a globally operating fintech company headquartered in Hong Kong, providing stablecoin-powered payments solutions to businesses. Its offerings include cross-border payment infrastructure, expense management solutions, API-driven financial services, and stablecoin-enabled corporate card products designed to support international business operations and global commerce.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second half of 2026.