Hong Kong Fintech Startup Reap Raises $40 Million For Web3 Payments
Wednesday, October 26, 2022
(Forbes by Zinnia Lee) – 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.
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, Reap said in a statement on Thursday. 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.
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. The infrastructure is expected to launch as early as January.
