Hong Kong based digital payment company Reap has raised $40m from Series A round to expand into international markets.
The funding round was led by Acorn Pacific Ventures, Arcadia Funds and HashKey Capital.
Hustle Fund, Fresco Capital, Abacus Ventures also were the returning investors in this round, which was joined by Payment Asia as a co-investor.
Besides expanding into international markets, proceeds from the Series A round will be used to set up regional hubs and make management hires throughout Asia, North America and Europe as a part of the market expansion.
Reap presently has over 40 employees spread across Hong Kong, Australia, Canada, Japan, Malaysia, Singapore and Vietnam. The company plans to double the current employee count by the end of 2023.
The company was established in 2018, and has focused on creating new financial technologies to allow access to payables management, international payments and collections via a centralised software platform.
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Reap co-founders Daren Guo & Kevin Kang 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, the company introduced Reap Card, powered by the Visa network, that delivers credit for businesses.
Acorn Pacific Ventures partner Derek Chau 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.”
Besides establishing country offices, Reap is planning to set up regional hubs that cover North America, Europe and Greater China.