Reap raises $40m in series A funding

Hong Kong-based Reap, a B2B fintech firm, has raised US$40 million in a series A funding round led by Acorn Pacific Ventures, HashKey Capital, and Arcadia Funds. This brings the company’s total funds raised to US$46 million.

Founded in 2018 by Daren Guo and Kevin Kang, Reap’s platform helps users access payables management as well as international payments and collections. Through its data, the firm is able to lower costs for operating companies. It also launched its Visa Reap Card, which allows corporate workers to purchase and charge business expenses that could not be conducted through a regular business card.

The company serves over 20,000 companies across the Web2 and Web3 sectors, including Acer, Binance, Animoca Brands, Layer Zero, Wallem Group, and Sompo Insurance.

Reap also said that it doubled its revenue over the past year.

The startup has a team of 40 across Hong Kong, Singapore, Malaysia, Vietnam, Japan, Canada, and Australia. It plans to set up offices in these locations.

With this new round of funding, Reap aims to double its headcount by the end of next year, with key management focus in North America, Asia, and Europe. It will also look to set up regional hubs in North America, Europe, and Greater China.