Hong Kong fintech Reap bags $40m Series A funding
Fintech start-up Reap has raised $40 million in a Series A funding round led by Acorn Pacific Ventures, Arcadia Funds and HashKey Capital.
The round, made up of a combination of equity and debt financing, also saw participation from Hustle Fund, Fresco Capital, Abacus Ventures and Payment Asia.
Reap began operations in 2018 as a payments platform enabling services including payables management, international payments and collections. Last year, it launched its Reap Card offering in partnership with Visa to deliver credit to businesses and allow corporate purchases and expenses that are traditionally not possible on business credit cards.
The company claims to have doubled its revenue over the last year and has now grown its current client base to over 20,000.
Daren Guo and Kevin Kang, co-founders of Reap, say the latest funding will be used to accelerate the fintech’s “go-to-market strategy for global market expansion” as well as “position Reap for the next phase of growth” by investing in product development.
As part of its planned international expansion, the company also intends to make management hires throughout Asia, North America and Europe.
Reap currently has over 40 employees across Hong Kong, Australia, Canada, Japan, Malaysia, Singapore and Vietnam. The firm is now aiming to double its staff headcount by the end of 2023.