Hong Kong’s Reap raises $40m in series A funding

Reap’s series A investment will be used to expand into international markets, set up regional hubs and hire management throughout Asia, North America and Europe

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Hong Kong’s Reap raises $40m in series A funding

Reap has raised $40m in series A investment round through a combination of debt and equity financing. 

Payments and spend management fintech Reap plans to use the funding to expand into international markets, set up regional hubs and hire management throughout Asia, North America and Europe. 

Since its launch in 2018, the company has raised $46m in funding. 

The investment was led by venture capital firm Acorn Pacific Ventures, lender Arcadia Funds and HashKey Capital, a digital asset management firm. Other investors include Hustle Fund, Fresco Capital and Abacus Ventures. 

Daren Guo and Kevin Kang, co-founders of Reap, said in a statement: “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.” 

Since its founding, Reap has focused on creating new financial technologies to enable access to payables management, international payments and collections through a centralised software platform. 

Its flagship product is a corporate credit card launched last year in partnership with Visa. 

Derek Chau, partner at lead investor Acorn Pacific Ventures, said of this firm’s investment: “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.” 

Reap claims to be uniquely positioned within the industry, as the Reap card platform can function across Web2 and Web3 customer segments. 

Its Web2 clients include Pirata Group, Sompo Insurance and Wallem Group. Web3 customers Amber Group, Animoca Brands and Binance are using Reap as their day-to-day payments driver. 

On the back of this, the company has increased its customer base to more than 20,000 and also doubled its revenue over the last year. 

On top of its team of over 40 across Hong Kong, Australia, Canada, Japan, Malaysia, Singapore and Vietnam, Reap has regional hubs that cover North America, Europe and China. 

Speaking about Hong Kong-headquartered Reap’s growth, Kenneth Lai, founder of Payment Asia, said: “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.” 

Image: Reap