Funding news · Sep 10, 2026
Payward Raises $100M Series C+ Led by Nasdaq Ventures
Payward Raises $100M Series C+ Round Led by Nasdaq Ventures
Payward, the parent company of cryptocurrency exchange Kraken, has raised a Series C+ round of $100 million. Nasdaq Ventures led the round. The funding date is September 10, 2026.
What Payward Does
Payward operates a financial infrastructure platform that extends well beyond its flagship cryptocurrency exchange. The group's activities span:
- Spot and derivatives trading — through Kraken
- Custody — digital asset custody services
- Tokenized equities — tokenized equity products
- B2B payments — delivered via Payward Services
Regulatory Footprint
Payward holds a notable set of licenses and charters across jurisdictions:
- EU electronic money institution license
- UK electronic money institution license
- Wyoming special purpose depository institution (SPDI) charter
This combination of European e-money licenses and a U.S. state depository charter gives the group a regulated foundation across multiple markets for both consumer-facing exchange activity and B2B financial infrastructure.
Valuation and IPO Context
Payward was reportedly valued at roughly $20 billion in late-2025 fundraising, ahead of a planned IPO. The new Series C+ round adds $100 million to the company's capital base as it continues to build out its financial infrastructure platform.
Funding Details
| Item | Detail |
|---|---|
| Company | Payward |
| Round type | Series C+ |
| Funding amount | $100,000,000 |
| Currency | USD |
| Funding date | September 10, 2026 |
| Lead investor | Nasdaq Ventures |
| Investors | Nasdaq Ventures |
Why the Nasdaq Ventures Lead Stands Out
Nasdaq Ventures leading the round is a meaningful signal for a company whose platform spans trading, custody, tokenized equities, and B2B payments. Nasdaq operates at the center of public market infrastructure, and tokenized equities sit at the intersection of traditional exchange-traded products and blockchain-based settlement and ownership.
For Payward, the strategic alignment touches several parts of its business. Tokenized equities are a natural area of overlap with exchange infrastructure. Custody and regulated market operations are likewise adjacent to the institutional plumbing that Nasdaq provides. And the group's B2B payments arm, Payward Services, extends the platform into business-to-business money movement.
A Broader Financial Infrastructure Platform
Payward's positioning is that of a group operating multiple regulated financial businesses under one roof, rather than a single exchange. The combination of spot and derivatives trading, custody, tokenized equities, and B2B payments — supported by EU and UK e-money licenses and a Wyoming SPDI charter — reflects a strategy of building regulated infrastructure across both crypto-native and traditional finance use cases.
The reported ~$20 billion valuation from late-2025 fundraising places the group among the larger private companies in the digital asset sector, and the planned IPO adds a path toward public markets.
What to Watch
With $100 million in new capital led by Nasdaq Ventures, Payward has additional resources to invest across its platform as it moves toward a planned IPO. Key areas to watch include the development of tokenized equities, the expansion of Payward Services in B2B payments, and how the group's multi-jurisdiction licensing framework supports new products.
The involvement of Nasdaq Ventures as lead investor will be a focal point for observers tracking the convergence of traditional exchange infrastructure and blockchain-based financial products.