Hong Kong, Reap Startup Company Raises $40M For Web3 Development
Reap, a Hong Kong-based provider of digital payments, has raised $40 million in a funding round aimed at developing infrastructure to help facilitate payments between Web3 projects and traditional businesses.
According to Forbes, Reap, a Hong Kong-based provider of digital payments, has raised $40 million in a funding round for the construction of infrastructure that will aid in the facilitation of payments between Web3 projects and conventional enterprises.
The funding was led by Silicon Valley-based Acorn Pacific Ventures, US financial services firm Arcadia Funds and Hong Kong digital asset manager HashKey Capital.
The proceeds will be used to set up regional hubs throughout Asia, North American and Europe, and double its team by the end of 2023. 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.
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.
The company has doubled its revenue in the past year and has built a customer base of more than 20,000 users. The company currently employs more than 40 employees across Hong Kong, Singapore, Vietnam, Japan, Canada, Australia and Malaysia.
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