Payward Targets $20 Billion Valuation Ahead of Kraken IPO
- Payward, the parent company of Kraken, is initiating a funding round aimed at a $20 billion valuation.
- The fundraising is expected to be the last before Kraken’s initial public offering (IPO).
- Payward plans to acquire Reap Technologies for $600 million, contributing to high operational costs.
- In April, Deutsche Börse Group invested $200 million, raising Kraken’s previous valuation to around $13 billion.
- Kraken has confidentially filed for an IPO but delayed it due to market conditions.
This new funding round reflects Payward’s strategy to manage significant expenses from mergers and acquisitions while solidifying its position in the competitive cryptocurrency sector.
With a target valuation of $20 billion and ongoing IPO preparations, Payward aims to enhance its credibility in the market.(Source)
