Payward to cut about 150 jobs ahead of planned US IPO

Payward, the parent company of cryptocurrency exchange Kraken, is cutting about 150 jobs, or roughly 5% of its workforce of around 3,000 employees, as it streamlines operations ahead of a planned U.S. initial public offering. The restructuring is part of a broader effort to improve the company’s financial profile before moving to public markets, according to people familiar with the matter and company statements.

Payward has confidentially filed draft IPO paperwork with the U.S. Securities and Exchange Commission in late 2025. The filings have been associated with a target valuation of around $20 billion, and the company has also sought additional funding at that valuation. In connection with the SEC filing, Payward closed an $800 million funding round, helping set the valuation that has been cited in later discussions.

Management has described the reductions as organizational optimization. A Payward spokesperson said the company continuously evaluates and adjusts its organizational structure to align talent and resources with long-term goals, while declining to comment on specific personnel decisions.

The job cuts add to a pattern of earlier workforce reductions. Payward...