Home » Hong Kong Fintech Startup Reap Raises $40 Million For Web3 Payments

Hong Kong Fintech Startup Reap Raises $40 Million For Web3 Payments

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reapa Hong Kong-based digital payments company has secured $40 million in a funding round aimed at developing infrastructure to facilitate payments between Web3 projects and traditional businesses.

The funding is led by Silicon Valley-based Acorn Pacific Ventures, U.S. financial services firm Arcadia Funds, and Hong Kong digital asset manager HashKey Capital, Reap said in a statement on Thursday. Other investors in the round include Hong Kong fintech firm Payment Asia, US venture capital firm Hustle Fund and his Fresco Capital.

Reap said the proceeds will be used to establish regional hubs across Asia, North America and Europe, and plans to double its team by the end of next year. In the meantime, the company will continue to work with cryptocurrency companies to build his Web3 infrastructure, allowing him to provide access to traditional merchants and physical services. Infrastructure is expected to start as early as he January.

Reap co-founder Daren Guo said: “At the same time, we want to make Web3 projects accessible and connected so they can continue to innovate and bring more ideas and creativity to apply to these more traditional companies.”

Last November, Reap rolled out a corporate credit card with Visa that allows businesses to manage their expenses through an online platform. Since then, the startup has added new features to allow blockchain and cryptocurrency companies to pay off credit card balances with stablecoins.

Its Services Attracted The Likes Of Major Crypto Players Including Billionaires Zhao Changpeng Binance, blockchain game giant Animoka Brands, and cryptocurrency financial services company Amber Group. Traditional business space clients include Taiwanese computer maker Acer and his Pickupp, a Hong Kong-based logistics startup backed by Swire Properties.

The cryptocurrency repayment feature is still being tested, Guo said, adding that he hopes to expand the range of digital assets covered by the credit card in the future. “We always wanted to find a bridge between the Web2 and Web3 worlds that would allow a little more fluid movement in both directions,” he says. “Today, the best way to close this gap is with payment methods like the Visa corporate credit card, which is accepted worldwide.”

Founded in 2018, Reap provides digital financial services for businesses ranging from online payments to expense management. Since then, the company has raised a total of $46 million. Guo said the company is ready to provide more funding to expand its services in areas such as payroll and procurement.

Reap says it has doubled its revenue in the past year and built a customer base of over 20,000 users. The company currently has more than 40 of his staff in Hong Kong, Singapore, Vietnam, Japan, Canada, Australia and Malaysia.

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