Loyalty and rewards platform HeyMax raises a US$11 million Series A round led by Peak XV partners
Funding will be used to grow HeyMax’s partnership network in the region
[SINGAPORE] Loyalty and rewards platform HeyMax announced on Wednesday (Jan 28) that it has raised a US$11 million Series A funding round.
The round was led by Peak XV partners, with Hong Kong-based Betatron Venture Group coming on board. Existing investors January Capital and Tenity also participated.
Some notable new investors include Rob Rosentein, co-founder and chairman of Agoda; and David Lee, the former president of Visa Asia-Pacific.
HeyMax allows users to earn Max Miles, which can be transferred as airline miles or hotel points. Users of more than 34 airlines and hotels can transfer their Max Miles to redeem flights and hotel stays.
In 2025, over 500 million miles were issued, enough to redeem more than 10,000 business-class round trips to Tokyo from Singapore.
The platform now has over 150,000 users in Singapore and Hong Kong. HeyMax has more than 800 participating merchants with over 1,500 outlets. This includes an upcoming pilot with Japan Railways East to drive inbound travellers to access its transport network to earn points.
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More than 40 per cent of total card revenue, totalling over US$100 billion globally, is spent on loyalty and consumer rewards.
“This is HeyMax’s opportunity,” said Rohit Agarwal, managing director of Peak XV.
The funding will be used to grow HeyMax’s partnership network in the region, not only in Singapore but where Singaporeans and Hong Kongers are travelling to.
“We’re looking to expand our partnership network to not only merchants in Japan, but also in Taiwan and Australia,” said Joe Lu, CEO and co-founder of HeyMax.
There plans to expand further beyond the region as the platform’s customers travel globally.
The funding will also be used to build a stronger engineering and product base in Singapore, with HeyMax looking to beef up its tech talent here. This will support the platform’s artificial intelligence initiatives for its customers to simplify rewards and earning aggregation.
HeyMax is also targeting new markets for users in Japan, Taiwan and Australia by the end of 2026.
There are three things the platform considers when expanding into a new market.
First, it must be a heavy outbound travel market. Second, the market’s inbound travel volume should give HeyMax confidence in building a merchant base. Third, it considers how the travel volume evolves with the platform’s existing customer base.
“It would really see the network effect start to take off when we have these three things right,” said Lu.
The latest funding round comes after HeyMax acquired Hong Kong-based fintech krip in 2025 and entered the Hong Kong market, its first international expansion.
The platform reported an annualised revenue run rate of US$6 million in early 2025, and is targeting a strong triple-digit annual gross merchandise value growth over the next two years.
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