Hong Kong primarily based digital fee firm Reap has raised $40m from Collection A spherical to increase into worldwide markets.
The funding spherical was led by Acorn Pacific Ventures, Arcadia Funds and HashKey Capital.
Hustle Fund, Fresco Capital, Abacus Ventures additionally had been the returning traders on this spherical, which was joined by Cost Asia as a co-investor.
Apart from increasing into worldwide markets, proceeds from the Collection A spherical might be used to arrange regional hubs and make administration hires all through Asia, North America and Europe as part of the market enlargement.
Reap presently has over 40 staff unfold throughout Hong Kong, Australia, Canada, Japan, Malaysia, Singapore and Vietnam. The corporate plans to double the present worker depend by the tip of 2023.
The corporate was established in 2018, and has targeted on creating new monetary applied sciences to permit entry to payables administration, worldwide funds and collections by way of a centralised software program platform.
By leveraging knowledge, Reap reduces prices for working firms that make the most of its platform.
Reap co-founders Daren Guo & Kevin Kang mentioned: “The aim of our newest funding spherical is two-fold – to speed up our go-to-market technique for world market enlargement, in addition to place Reap for the subsequent section of development by investing into the industry-leading merchandise that we have now been creating since launch. We’re assured we have now the proper staff and product platform to allow the subsequent section of development.”
In November 2021, the corporate launched Reap Card, powered by the Visa community, that delivers credit score for companies.
Acorn Pacific Ventures companion Derek Chau mentioned: “The Acorn Pacific staff could be very excited and privileged to be investing in Reap. We had been actively watching the area for quite a few years, ready for the proper platform and staff to handle the nuances of the funds area in Asia. We consider Reap is an answer that may make a really significant impression serving to companies to enhance their money circulate, effectivity and velocity to market with their digital-first fee options.”
Apart from establishing nation workplaces, Reap is planning to arrange regional hubs that cowl North America, Europe and Better China.
