Reap a Hong Kong fintech raises $40m funding
In addition to Hustle Fund, Fresco Capital, Abacus Ventures, and Payment Asia contributed to the round of equity and loan investment.
In 2018, Reap launched as a platform for managing and processing payments, with applications in payables administration, foreign payments, and collections. Reap Card, offered in conjunction with Visa, was first introduced last year with the goal of providing access to credit for businesses and facilitating the payment of bills and acquisitions otherwise prohibited by the terms of business credit cards.
They say they have increased their clientele to over 20,000, and that their revenue has doubled in the past year.
The fresh money will be used to speed Reap’s “go-to-market strategy for global market expansion,” according to co-founders Daren Guo and Kevin Kang. They also plan to “position Reap for the next phase of growth” by investing in product development.
Company management is looking to fill positions in Asia, North America, and Europe as part of its global expansion plans.
Currently, approximately 40 people work for Reap in Hong Kong, Australia, Canada, Japan, Malaysia, Singapore, and Vietnam. The company’s goal is to increase its workforce by 20 percent by the end of 2023.