Hong Kong payments player Reap gets $40m Series A

Existing investors Hustle Fund, Fresco Capital, and Abacus Ventures all re-upped. Payment Asia, another Hong Kong-based fintech start-up, also took part. The new capital will be used for international expansion throughout Asia, North America, and Europe.

Founded in 2018, Reap provides a combination of spending management software and payment products. Its flagship offering is a Visa corporate credit card, which is said to enable corporate purchases that traditionally could not be conducted through business credit cards.

The company claims that its revenue has doubled over the past year, while its customer base has grown to more than 20,000. Employee headcount now exceeds 40, with offices spread across Hong Kong, Australia, Canada, Japan, Malaysia, Singapore and Vietnam. The goal is to double the team size by the end of 2023.

Although Reap serves many traditional small and medium-sized companies, it also works with larger tech players. The company classifies its customers as web2 or web3. The likes of Acer, Sompo Insurance and Wallem Group fall into the former category, while Amber Group, Animoca Brands, Binance, and LayerZero number among the latter.

"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," said Darren Guo and Kevin Kang, co-founders of Reap, in a joint statement.

"We are confident we have the right team and product platform to enable the next phase of growth.”

 

 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Greater China
• Early-stage
• Financials
• Technology
• Fintech
• Fresco Capital
• Acorn Pacific Ventures
• HashKey Capital
• Hong Kong (China)