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

A digital payment company based in Hong Kong has netted over 40 million dollars in a funding round to develop infrastructure to facilitate payments between Web3 projects and traditional businesses.

The financing is led by a group of companies. Payment Asia is one of the investors who participated in the round.

The funds will be used to set up regional hubs throughout Asia, North American and Europe, and double its team by the end of next year. The company will continue to build Web3 infrastructure in order to give them access to traditional merchants and physical services. As soon as January, the infrastructure is expected to launch.

"We want to build software and tools to enable more traditional businesses to get to payment digitalization faster." We want to make it possible for Web3 projects to continue to innovate and bring a lot of their ideas and creativity to apply for some of these more traditional companies.

A corporate credit card with Visa was rolled out by Reap in November of last year. New features have been added since then to allow companies to repay credit card balances with stable coins.

The likes of billionaire Changpeng Zhao's Binance and Animoca Brands are just some of the companies that have used its services. Taiwanese computer maker Acer is one of the clients from the traditional business space.

He hopes to expand the scope of digital assets covered by the credit card going forward. He says they wanted to find a bridge that would allow more fluid bilateral movement between the two worlds. A Visa corporate credit card that is accessible on a global basis is the best way to bridge the gap right now.

Digital financial services for businesses include online payments and expense management. Since then, the company has raised $46 million. The company is open to more funding that would allow it to expand in certain areas.

Over the past year, the company has doubled its revenue and built a large customer base. In addition to Hong Kong, Singapore, Vietnam, Japan, Canada, Australia, and Malaysia, the company has a team of more than 40 people.