Reap, a FinTech powering global financial transactions through the industry’s first Reap Visa Corporate Card (“Reap Card”) platform, has raised $40m in Series A funding.
The investment round was 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, joined by Payment Asia as a co-investor.
Reap is a financial platform that enables access and financial connectivity through innovation for companies of all sizes.
The FinTech combines spend management software with a range of innovative payment products, including the flagship Reap Visa Corporate Credit Card. Reap said it is committed to helping businesses orchestrate success by providing the best financial tools that evolve with its customers and the market.
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 centralised software platform.
Reap currently has a team of over 40 spread across Hong Kong, Australia, Canada, Japan, Malaysia, Singapore and Vietnam.
The company said it 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.
Derek Chau, partner at lead investor Acorn Pacific Ventures, said “The Acorn Pacific team is very excited and privileged to be investing in 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.”
Paytrix, an embedded payments company for high-growth vertical software platforms, recently raised £5m in new funding.
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