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| Reap raises US$5 million to help under-banked SMEs cope with post-COVID economy |
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Reap, a Cyberport FinTech incubatee dedicated to innovative payment and credit solutions for under-banked SMEs, recently raised US$5 million in seed financing from an international roster of investors that included Global Founders Capital, Bertelsmann Asia Investments, Index Venture, Fresco Capital, and Hustle Fund.
The start-up has developed an online payment platform that enables business owners to pay their expenses using their own credit cards, irrespective to whether the recipient accepts credit card payments. The business owner only needs to submit a send request on the platform and pay securely with a credit card. Reap will then send the money per recipient’s preferred currency (up to 40 types) and payment format. In addition, business owners can enjoy up to 58 days of interest-free financing, and receive payments via Reap.
A leading edge of Reap’s offers is access to a rolling credit source to improve users’ cash flow and boost capital efficiency, which can be critical to enable SMEs to weather the challenging economy and survive.
Market response to Reap’s services was positive even before the pandemic. The start-up’s transaction volume grew at a compound annual rate of 40% per month during the past year, amounting to more than US$100 million since its inception two years ago.
Reap’s services are already available in Hong Kong, Singapore and will soon launch in Malaysia and South Korea.
With the fresh capital, Reap plans to increase its products and services and to expand to more markets across Asia. |
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