Reap, a digital payment company based in Hong Kong, has netted $40 million in a funding round aimed at developing infrastructure to help facilitate payments between Web3 projects and traditional businesses.
Reap said the proceeds will be used to set up regional hubs throughout Asia, North American and Europe, and double its team by the end of next year. Meanwhile, the company will continue to build Web3 infrastructure in collaboration with cryptocurrency firms to help provide them access to traditional merchants and physical services.
Reap rolled out a corporate credit card with Visa that enables businesses to manage their expenses through an online platform. Since then, the startup has added new features to allow blockchain and crypto companies to repay credit card balance with stablecoins.
Its services have attracted the likes of leading crypto players including billionaire Changpeng Zhao’s Binance, blockchain gaming giant Animoca Brands, crypto financial services firm Amber Group and others. Clients from the traditional business space include Taiwanese computer maker Acer and Pickupp, a Hong Kong-based logistics startup backed by Swire Properties.
Established in 2018, Reap provides digital financial services for businesses that range from online payments to expense management. The company has raised $46 million in total funding since then. Guo says the company is open to more funding that would allow it to expand its services in areas such as payroll and procurement.