Digital payments company Reap raises $40 million led by HashKey Capital

This article comes fromForbes, original author: Zinnia Lee

Odaily Translator |

Odaily Translator |

Reap, a Hong Kong-based digital payments company, has announced the completion of $40 million in financing to develop infrastructure to help facilitate payments between Web3 projects and traditional businesses.

Reap announced Thursday that the round was led by venture capital firm Acorn Pacific Ventures, financial services firm Arcadia Funds and digital asset management firm. Financial technology company Payment Asia, venture capital institutions Hustle Fund and Fresco Capital participated in the investment.

Funding from the financing will be used to establish regional centers in Asia, North America and Europe and double the size of the team by the end of next year, Reap said. In the meantime, the company will continue to work with cryptocurrency companies to build Web3 infrastructure to help provide them with access to traditional merchant and brick-and-mortar services. Its infrastructure is expected to be rolled out as early as January next year.

“We want to build software and tools that allow more traditional businesses to digitize payments faster,” said Reap co-founder Daren Guo, “At the same time, we want to provide access and connectivity to Web3 projects to ensure they can continue to innovate and apply many of its ideas and creativity to these more traditional companies."

Last November, Reap partnered with Visa to launch a corporate credit card that enables companies to manage spending through an online platform. Since then, the startup has added new features that allow blockchain and cryptocurrency companies to use stablecoins for credit card repayments.

Its services have attracted crypto company clients such as cryptocurrency exchange Binance, blockchain gaming giant Animoca Brands, and crypto financial services company Amber Group. Clients in the traditional business sector include computer maker Acer and logistics start-up Pickupp, backed by Swire Properties.Daren Guo said,Cryptocurrency repayment function

Still in testing, he hopes to expand the digital asset classes supported by his credit card in the future. He said, "We've always wanted to find a bridge to make the two-way communication between the Web2 and Web3 worlds smoother. For us, the best way to bridge this gap at the moment is through a payment method that can be used globally, for example. Visa corporate credit card."

It is reported that Reap was established in 2018 to provide digital financial services for online payment, expense management and other related enterprises. So far, the company has raised a total of $46 million. Daren Guo said the company was open to further financing, which would allow it to expand its services in areas such as payroll and procurement.