Reap raised $40 million in Series A funding in October 2022. The round was led by Acorn Pacific Ventures, Arcadia Funds, and HashKey Capital, with participation from existing investors including Hustle Fund, Fresco Capital, and Abacus Ventures.

The company previously raised a $5 million seed round in July 2020 led by Global Founders Capital and Bertelsmann Asia Investments, with participation from Index Ventures and Payment Asia.

In total, Reap has raised approximately $59.7 million across its funding rounds since launching in 2018.

Reap provides a unified financial platform that combines corporate cards, cross-border payments, and expense management on stablecoin rails. Companies connect their on-chain stablecoin treasury and traditional bank balances through a single dashboard to orchestrate all their financial operations.

The core product is the Reap Corporate Card, a secured Visa card where the credit limit equals the company's stablecoin collateral. Finance teams can issue virtual or physical cards instantly, set spending controls by merchant category or geography, and enable real-time expense tracking.

For cross-border payments, companies send USDC or USDT through Reap's platform, and suppliers receive local fiat currency in over 10 currencies through traditional banking rails like SWIFT, SEPA, and local payment networks. Settlement typically occurs same-day during business hours.

The expense management module captures receipts through AI-powered mobile uploads, enforces spending policies in real-time, and provides analytics that slice spending by team, project, or vendor. All fiat and stablecoin flows appear in a unified ledger for simplified accounting.

Reap also offers embedded finance APIs that let other platforms launch their own branded card programs and payment services. The API handles card issuance, transaction processing, compliance screening, and settlement while the partner maintains the customer relationship.

Reap is a B2B financial infrastructure provider with a hybrid SaaS and transaction-based revenue model. The company targets venture-backed Web3 startups, import-export SMEs, and businesses that hold significant working capital in stablecoins.

Revenue comes from three sources: interchange fees on card transactions, foreign exchange spreads on cross-border payments, and subscription fees for premium features. The interchange model generates 70-170 basis points per transaction, while FX spreads vary by currency corridor and transaction size.

As more customers use stablecoin rails, liquidity pools deepen and pricing can improve. Custody via Fireblocks and compliance integration with Chainalysis provide security and monitoring without building these capabilities in-house.

Customer acquisition is driven by partnerships with Web3 platforms and word-of-mouth within crypto-native business communities. The company can onboard businesses within 72 hours, even without traditional banking relationships, serving underserved markets.

Expansion revenue comes from increased transaction volume as customers grow, additional card issuances for new employees, and premium features like smart contract automation and AI-powered expense categorization. Embedded finance APIs enable Reap to monetize other platforms' payment flows.

Brex, Ramp, and Airwallex represent the most direct competitive threat as they expand internationally and add stablecoin capabilities. Brex secured an EU payment institution license in August 2025 and is embedding virtual cards directly into enterprise ERP systems.

Ramp reached a $22.5 billion valuation in July 2025 and is co-developing stablecoin-backed corporate cards with Stripe. Their focus on AI-powered expense automation and positive unit economics could undercut Reap's pricing once their stablecoin products launch.

Airwallex offers multi-currency borderless cards with up to 11% cash rebates and has a $6.2 billion valuation providing significant resources for APAC expansion. Their established FX infrastructure and regulatory licenses create formidable competition in Reap's core markets.

Jeeves positions itself as a financial operating system across 22 countries with local currency credit capabilities that Reap cannot match with its secured card model. Their ability to offer working capital loans in emerging markets addresses a key customer need.

Local players like Aspire in Southeast Asia leverage regulatory relationships and on-ground sales teams to compete for SME customers. While they lack stablecoin capabilities, their deep market knowledge and compliance expertise create switching costs.

Bridge's acquisition by Stripe for $1.1 billion in February 2025 validates the stablecoin payments market while creating a well-funded competitor. Stripe's global reach and developer ecosystem could rapidly scale stablecoin payment adoption.

Companies like Circle and Paxos are expanding beyond stablecoin issuance into payment services, potentially competing with Reap's embedded finance APIs. Their regulatory clarity and institutional relationships provide advantages in enterprise sales.

The March 2025 launch of Reap's card issuance and payment API stack shifts the company from a single-product issuer to a horizontal infrastructure provider. This expands the addressable market from thousands of companies needing corporate cards to tens of thousands of developers building financial products.

Web3 wallets, neobanks, and fintech platforms can now launch branded card programs and automate stablecoin-to-fiat payouts without building their own banking infrastructure. The API model creates recurring revenue from transaction volume across multiple customer platforms.

Reap's migration to Solana in March 2025 enables higher throughput and lower costs for large B2B payment flows. The same infrastructure can support adjacent products like payroll streaming, on-chain cash management, and automated supplier payments.

The programmability of stablecoin rails enables business models that are not feasible on traditional T+2 settlement, including conditional escrows, multi-party settlement logic, and AI-triggered payment flows. These premium features command higher pricing than basic transaction processing.

Reap's Major Payment Institution license from Singapore's MAS in October 2025 authorizes full financial services across Southeast Asia's 400,000+ registered SMEs. The license enables account issuance and domestic money transfers, beyond cross-border payments.

The partnership with processor Thredd enables Reap to launch physical and virtual cards in the United States and Latin America. These markets represent opportunities as stablecoin adoption increases among businesses seeking USD exposure and cross-border payment efficiency.

Regulatory uncertainty: Stablecoin regulations remain in flux across markets, with new licensing requirements potentially increasing compliance costs or restricting operations. Changes in crypto-friendly jurisdictions like Hong Kong or Singapore could impact Reap's business model and customer access.

Incumbent competition: Large incumbents like Stripe, Visa, and traditional banks are building stablecoin capabilities with more resources and established customer relationships. Their ability to bundle stablecoin services with existing products could commoditize Reap's core offerings and compress margins.

Market concentration: Reap's growth depends on continued stablecoin adoption, which remains concentrated among crypto-native businesses and specific geographic regions. A broader market downturn in crypto or regulatory crackdowns could limit the addressable customer base and transaction volumes.