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

Oct 27,2022
KingData News: 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. Investors: The financing is led by Silicon Valley-based Acorn Pacific Ventures, U.S. financial services firm Arcadia Funds and Hong Kong digital asset manager HashKey Capital. Other investors who participated in the round include Hong Kong fintech firm Payment Asia, as well as U.S. venture capital firms Hustle Fund and Fresco Capital, among others. Project Info: Reap will continue to build Web3 infrastructure in collaboration with cryptocurrency firms to help provide them access to traditional merchants and physical services. The infrastructure is expected to launch as early as January. Last November, 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.
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