REAP raises $40m in Series A funding, eyes rapid expansion
By Leandra Monteiro
Reap, a FinTech company powering global financial transactions through its Reap Visa Corporate Card platform, announces a $40 million Series A investment round led by Acorn Pacific Ventures, Arcadia Funds and HashKey Capital through a combination of equity and debt financing. Hustle Fund, Fresco Capital, Abacus Ventures also invested as returning investors in this round, joined by Payment Asia as a co-investor.
The Series A funding will be used to quickly expand into international markets, set up regional hubs, and round out management hires throughout Asia, North America and Europe as a part of this market expansion.
Daren Guo & Kevin Kang, Co-Founders of Reap said, “The purpose of our latest funding round is two-fold – to accelerate our go-to-market strategy for global market expansion, as well as position Reap for the next phase of growth by investing into the industry-leading products that we have been developing since launch. We are confident we have the right team and product platform to enable the next phase of growth.”
Derek Chau, Partner at lead investor Acorn Pacific Ventures said, “The Acorn Pacific team is very excited and privileged to be investing in Reap. We had been actively watching the space for a number of years, waiting for the right platform and team to address the nuances of the payments space in Asia. We believe Reap is a solution that will make a very meaningful impact helping businesses to improve their cash flow, efficiency and speed to market with their digital-first payment solutions.”
In November 2021, the company launched the Reap Card, powered by the Visa network, which delivers credit for businesses and enables corporate purchases and expenses that traditionally were not able to be conducted through business credit cards. For clients of all sizes, Reap has scaled its products to work specifically to meet the demands of its discerning customers.
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