Heymax.ai, a Singapore-based loyalty platform, has raised $2.6 million in seed investment.
The funding was led by January Capital, with contributions from Tenity, Ascend Angels, XA Network, and other investors.
Both January Capital and Heymax.ai share a vision and commitment to enabling digital commerce in APAC. Joe Lu, CEO and Co-founder of Heymax.ai, said January Capital’s understanding of the e-commerce and rewards space solidified the partnership.
Founded in 2023, Heymax.ai is a fintech startup that helps consumers earn rewards called Max Miles from businesses and redeem those points for flights or transfer them directly to 25 airline and hotel partners.
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As part of its growth plans, Heymax.ai announced the appointment of Aik-Phong Ng, former Managing Director of Shopback and Fave, as Chief Commercial Officer to lead the company’s partnership efforts and accelerate the adoption of Max Miles.
The platform combines consumers’ rewards into free vacations each year and maximizes rewards through Max Miles offers, credit card optimization, and personalized recommendations.
“Many of the rewards programs we know and love are trapped in the siloed ecosystems of single companies,” said Roy Ong, an investor at January Capital. “This excessive fragmentation only increases the cost of customer acquisition for merchants and increases the mental burden on consumers trying to optimize their spending power.”
“Consumers looking to optimize their rewards struggle to find the right platform, which results in them missing out on valuable rewards opportunities and wasting efforts on frustrating programs that don’t fit their spending habits,” Lu added. “Heymax.ai’s rewards ecosystem helps solve this challenge, allowing consumers to earn Max Miles on everyday purchases, earning more loyalty rewards. We’re committed to helping our customers get one free vacation a year.”