Reap
“Can a Hong Kong-licensed Visa Principal Issuer become the default stablecoin-to-card-and-payout infrastructure layer for global businesses and AI agents?”
Founded2018
HQHong Kong
FoundersDaren Guo, Kevin Kang
Total raised$40M+ (disclosed)
Latest roundSeries A, 2022
IndustryInfrastructure / Card issuing
The story
Founded 2018 in Hong Kong as a corporate credit card issuer, Reap pivoted toward Web3/stablecoin-native financial infrastructure after its 2022 Series A. It became the world's first crypto credit card issuer, then broadened into cross-border payouts (Reap Pay) and embedded card issuing APIs. In 2025-2026, it positioned itself as agentic-payment infrastructure (Visa Intelligent Commerce partner) and was acquired by Payward, Kraken's parent, joining a group that includes Kraken, Krak, NinjaTrader, CF Benchmarks, and Breakout.
Last 12 months
Product timeline
2018
Reap founded in Hong Kong, focused on card issuing for businesses· card
2022
Raised $40M Series A led by Acorn Pacific Ventures, Arcadia Funds, and HashKey Capital for Web3 payments infrastructure· funding
2023
Launched crypto-collateralized corporate Visa credit cards (USD/HKD)· card
2024
Expanded to Mexico as Visa Principal Issuer, launched Reap Pay cross-border payouts in 18+ currencies· banking
2025
Launched Embedded Finance / Card Issuing API; became Visa Intelligent Commerce partner in Asia for agentic payments· pivot
2026
Acquired by Payward (Kraken's parent company)· acquisition
Regulated entities
2
regulatory licences held by Reap
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
8 layers disclosed in Reap’s embedded-finance stack
Payments / PSP
Reap Pay (self-operated)checkout
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
FX & payouts
in the full report
Crypto
in the full report
Accounting
in the full report
Accounting gap: minor
7 more providers across 7 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.