E-commerce paytech Reach lands $30m growth investment
E-commerce paytech Reach has landed a $30 million investment as it seeks to expand its global footprint.
The investment round, led by Vistara Growth, saw participation from Bluesky Equities, Tribune Capital and Rising Tide.
The capital raised will go towards scaling Reach’s development teams, onboarding and supporting merchants, and expanding into new markets to help grow local acquiring networks for merchants and partners.
The Canadian paytech supports online merchants and marketplaces move into international e-commerce with its payments, tax and fraud platform.
The platform helps to increase conversion rates, lower foreign payment processing costs and attract international customers by giving shoppers the ability to transact in more than 120 local currencies.
Reach says e-commerce cross-border transactions are set to reach an estimated $1.2 trillion in 2022 and more customers than ever are looking beyond their own localities for their ideal purchase.
It is in this climate that Reach has seen four consecutive years of 50% year-on-year growth.
The company’s scalable solutions help businesses accept cross-border payments through localised processing, providing access to optimal foreign exchange currency services – increasing conversion rates and allowing small and medium-sized businesses to compete with some of the biggest names in the industry.
Founder and CEO Sam Ranieri says Reach’s platform allows companies of all sizes to compete with the likes of e-commerce giants such as Apple, Amazon, Netflix and Spotify.
“These companies have the resources to open operations in every new market to set up local processing, have large treasury teams dedicated to managing currency risk, and heavyweight legal teams to comply with every country’s regulations and tax structures.
“The vast majority of businesses do not, thus creating a large competitive disadvantage,” Ranieri says.