By ET Bureau - October 28, 2022 4 Mins Read
Reap, a fintech company powering global financial transactions through the industry first Reap Visa Corporate Card (“Reap Card”) platform, today announces a US$ 40 million Series A investment round led by Acorn Pacific Ventures, Arcadia Funds and HashKey Capital through a combination of equity and debt financing. Hustle Fund, Fresco Capital, Abacus Ventures also invested as returning investors in this round, joined by Payment Asia as a co-investor.
The Series A funding will be used to quickly expand into international markets, set up regional hubs and round out management hires throughout Asia, North America and Europe as a part of this market expansion.
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Derek Chau, Partner at lead investor Acorn Pacific Ventures, “The Acorn Pacific team is very excited and privileged to be investing into Reap. We had been actively watching the space for a number of years, waiting for the right platform and team to address the nuances of the payments space in Asia. We believe Reap is a solution that will make a very meaningful impact helping businesses to improve their cash flow, efficiency and speed to market with their digital-first payment solutions.”
Since Reap’s inception in 2018, it has focused on creating novel financial technologies to enable access to payables management, international payments and collections through a centralized software platform. By harnessing the power of data, Reap effectively lowers costs for operating companies that take advantage of the Reap platform across industries.
Daren Guo & Kevin Kang, Co-Founders of Reap said, “The purpose of our latest funding round is two-fold – to accelerate our go-to-market strategy for global market expansion, as well as position Reap for the next phase of growth by investing into the industry leading products that we have been developing since launch. We are confident we have the right team and product platform to enable the next phase of growth.”
In November 2021, Reap launched the Reap Card, powered by the Visa network, that delivers credit for businesses and enables corporate purchases and expenses that traditionally were not able to be conducted through business credit cards. For clients of all sizes, Reap has scaled its products to work specifically to meet the demands of their discerning customers.
Reap is uniquely positioned within the industry, as the Reap Card platform already has the functionality to enable digitisation and payments for different business needs across both Web2 and Web3 customer segments.
Web2 clients including Acer, Buy and Ship, Pirata Group, Sompo Insurance and Wallem Group and more, all rely on Reap to gain an advantage over their competition, whilst leading Web3 customers Amber Group, Animoca Brands, Binance, Gnosis and LayerZero are already using Reap as their day to day payments driver, with the added ability to plug immediately into their internal systems to be up and running on day 1 of implementation. As a result, Reap has been able to double revenue over the past year, while increasing its current customer base to over 20,000 since launch.
“We have been closely watching Reap as an integral part of the Hong Kong fintech scene and seeing their expertise in developing a financial platform that is able to scale from traditional non-digital businesses to tech companies, shows that they have a competitive edge with their Reap Card platform, and could not be more pleased to invest” said Kenneth Lai, Founder of Payment Asia.
Reap currently has a team of over 40 spread across Hong Kong, Australia, Canada, Japan, Malaysia, Singapore and Vietnam. The Company plans to hire and double the current size by the end of 2023. In addition to establishing country offices, Reap is also expanding its presence to set up regional hubs that cover North America, Europe and Greater China. Reap continues to help businesses orchestrate success – by providing the best financial tools that evolve with its customers and the market.
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