Kraken Parent Payward Cuts 150 Roles on May 15 as $20B IPO Timeline Looks Less Certain

Payward, Kraken's parent, eliminated 150 jobs on May 15, saying AI automation made some operations roles redundant. The reduction equals 5% of its roughly 3,000 employees and comes after about 400 cuts in October 2024. Payward has also targeted a $20 billion IPO valuation, though a 2027 listing has been suggested.