Hong Kong-founded FinTech startup Reap announces its recent procurement of US$40 million in a series A funding round, oriented towards facilitating its Web3 payments infrastructure.
The rise of Web3 in Hong Kong has driven many emerging entrepreneurs and startups to innovate with blockchain technology. Established in 2018 in Hong Kong, FinTech startup Reap developed a digital payment solution for tech-led businesses in the city, offering various financial services from online transactions, to expense and cost management, and more.
Reap recently led a successful funding round, raising US$40 million in capital, which will be allocated towards developing its digital payment infrastructure to facilitate transactions across the Web3 sector.
Funding was primarily led by Silicon Valley’s Acorn Pacific Ventures, Arcadia Funds – a US financial services firm, and Hong Kong-based digital asset custodian, HashKey Capital. Other participating parties included Payment Asia, Hustle Fund, and Fresco Capital, along with other names.
Since its launch, the digital payment company has since expanded its team and service offerings across Asia, including Singapore, Vietnam, Japan, Australia, and others. The financing proceeds will be additionally used to support its regional expansion throughout Asia, North America, and Europe. Reap has further expressed its desire to double its team by the end of 2023.
Reap will continue to scale and build its Web3 infrastructure, foreseeing future collaboration with cryptocurrency businesses. The company hopes to assist crypto firms in extending their scope from Web3 to traditional merchants, as well as other physical services, anticipating to launch its newest offering early in January.
Daren Guo, the Co-founder of Reap, stated, “We want to build software and tools to enable more traditional businesses to get to payment digitalisation faster. At the same time, we want to enable access and connectivity for Web3 projects to ensure that they can continue to innovate and bring a lot of their ideas and creativity to apply for some of these more traditional companies.”
In Q4 last year, Reap launched its corporate credit card with Visa, to support businesses in overseeing and managing their expenses via their online platform, with new additional features directed towards blockchain and crypto companies, allowing them to make online transactions using stablecoins.
With a customer base of over 20,000 users, the company has gained global traction for its offerings, including interest from crypto giants Binance, Animoca Brands, and Amber Group.
While its crypto repayment feature is still in its initial test and trial stage, the founders are aiming to expand on its digital solution, hoping “to be able to bridge that gap currently is through a payment method, like a Visa corporate credit card that’s accessible on a global basis,” added Guo.
Featured Banner Image: @reap.global
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