Singapore-founded loyalty platform Heymax.ai has on Tuesday announced it has raised $2.6 million in seed funding, led by January Capital.
Heymax.ai said in a statement that the round also saw participation from Tenity, Ascend Angels, XA Network and other strategic investors.
To support the company’s growth efforts, the latest round of angel investors include Shiyan Koh, JJ Chai, Kum Hong Siew, Evan Heng, JJ (Projjal) Ghatak, Jake Tan Jun Kiat, Junyang Ng, Chua Ee Chien, Nino Ulsamer, Jeff Wu, Ned Lowe, Vanessa Ho, Sky Tsoi, Zach Tan, Ronak Banka, Sandeep Krishnamani, Ayush Goyal, John Xiao, Jimmy Gambier, Royston Chan, Jian Wei Chuah, Junxiong Ho and StashAway’s Angel Investing program.
Following strong momentum in Singapore, Heymax.ai announced its expansion into Australia in November 2023.
The company said it continues to grow its presence for entry into new markets across the Asia Pacific (APAC) region in the coming months.
“Consumers looking to optimize their rewards are struggling to find the right platform, leading to missed opportunities for valuable rewards and wasted effort on frustrating programs that don’t fit spending habits,” said Joe Lu, Chief Executive Officer and Co-founder of Heymax.ai.
He noted that Heymax.ai’s rewards ecosystem helps address these challenges, allowing consumers to unlock more loyalty rewards through earning Max Miles from their everyday purchases.
“We’re committed to helping our customers earn one free vacation every year,” he said.
He also said that January Capital’s deep understanding of the ecommerce and rewards space further solidified the partnership, making them the ideal investor for Heymax.ai’s future growth.
Founded in 2023 by four ex-Meta engineers, Heymax.ai is a personal finance and shopping platform that allows consumers to earn Max Miles from over 500 businesses, and conveniently redeem them for any flights or directly transfer to miles and points at 25 airline and hotel partners.
The firm is backed by January Capital, reflecting a shared vision and commitment to digital commerce enablement in APAC.
“Many rewards programs we know and love are locked within the closed ecosystem of a single company,
“This hyper-fragmentation only serves to drive up the cost of customer acquisition for merchants and increases the mental load on consumers who are seeking to optimize their
spending power,” said Roy Ong, Investor, January Capital.
According to him, the team at Heymax.ai has a clear desire to break the mould and solve these challenges for both merchants and customers.
“Combined with the founding team’s experience in large technology companies, we knew from the beginning that they would be able to execute this vision with great finesse,” he added.
It is noted that Heymax.ai ’s user base has grown to over 50,000 consumers, who have earned over 50 million Max Miles and redeemed over 10,000 flights since Max Miles launched in September 2023.
The company also recently partnered with Visa to launch Card Maximiser.
This collaboration helps consumers seamlessly track their spending across all Visa-branded cards, providing comprehensive and real-time insights into their card transactions and rewards accrual.
It is also noted that Heymax.ai recently appointed Aik-Phong Ng, former Managing Director of Shopback and Fave, as their new Chief Commercial Officer to spearhead Heymax.ai’s partnership expansion efforts and accelerate widespread adoption of Max Miles.
“I’m extremely excited about the future when customers all over the world can easily maximize their rewards and get 1 million free trips from Heymax.ai every year to build treasured memories,
“To achieve that, we are firing on all cylinders to bring more partners onboard to reward customers with Max Miles,” said Lu.
Singapore fintech firm Aspire enters Hong Kong, positioned for further growth across Asia