HeyMax, a loyalty and travel rewards platform headquartered in Singapore, announced Wednesday it has raised $11 million in a Series A round led by Peak XV Partners.

The firm said in a statement that the round also attracted strategic investor Betatron Venture Group, with continued support from existing backers January Capital and Tenity.

Additional investors include Rob Rosenstein, Co-founder and Chairman of Agoda, and David Lee, fintech advisor, independent bank director, and former President of Visa APAC.

The new capital will accelerate HeyMax’s product capabilities focusing on artificial intelligence (AI)-empowered rewards experience simplifying earning and redemption for consumers.

Apart from Singapore and Hong Kong, HeyMax will expand its presence into Japan, Taiwan, and Australia by the end of 2026.

“Across Asia-Pacific, travel increasingly shapes how people spend and save, yet rewards remain fragmented across markets,

“HeyMax unifies earning and redemption across borders so frequent travelers can capture value more easily into one universal travel wallet allowing our customers to travel better and faster,” said Joe Lu, Chief Executive Officer and Cofounder of HeyMax.

“This also gives our partners a stickier, higher-engagement way to reach travelers and tap into the growing flow of spending and loyalty tied to travel across the region,

“This funding helps us accelerate how consumers earn and redeem travel rewards, scale our platform, and deepen partnerships,” he added.

Founded in 2023, HeyMax is a Singapore-based platform that accelerates and unifies loyalty and travel rewards, allowing consumers to earn and redeem value seamlessly across brands,
cards, and airlines and hotels through its flagship currency, Max Miles.

The firm opined that tis funding demonstrates confidence in the travel loyalty segment evidenced by record travel demand and a growing appetite among Asia’s consumers for more better value travel.

It is noted that Research and Markets projects that the Asia-Pacific loyalty market will almost double to $60 billion by 2029, underscoring the region’s rapid shift toward digital and travel-linked rewards.

At the same time, IATA data shows Asia-Pacific passenger traffic now exceeds 120 percent of 2019 levels, while over 75 percent of consumers are enrolled in at least one loyalty program.

Yet, billions of dollars in rewards go unredeemed each year. In Asia’s fragmented loyalty landscape, consumers juggle multiple programs with limited cross-border utility, making it difficult to build meaningful value from rewards.

This also limits how merchants and travel partners engage both their local customers and inbound travelers.

HeyMax said the firm addresses these pain points by unifying how consumers earn and redeem rewards across markets through its core currency, Max Miles.

“Loyalty programs were designed to influence consumer behavior towards their favorite airlines, hotels, or retailers. But today, a majority of these programs suffer from low engagement and have merely become a tool to collect customer information, resulting in no real loyalty,

“HeyMax is leveraging technology and reward loops to increase engagement and consumption for the world’s best brands. More than 40 percent of the total card revenues, totaling over $100 billion globally, is spent on loyalty and consumer rewards – this is HeyMax’s opportunity,” said Rohit Agarwal, Managing Director at Peak XV.

Founded by four former Meta engineers, HeyMax combines deep product expertise with a regional understanding of how consumers engage with rewards and travel across Asia.

Since its $2.7 million seed round in July 2024, the company has grown to over 150,000 users and has issued more than 500 million Max Miles annually.

In 2025, the firm achieved two major milestones: the acquisition of Hong Kong-based fintech krip and its entry into Hong Kong as the company’s first international market.

Earlier last year, it reported fivefold year on year revenue growth and an annualized revenue run rate of $6 million,
underscoring regional demand for connected and rewarding travel experiences.

HeyMax also targets strong triple-digit annual gross merchandise value (GMV) growth over the next two years.

Singapore’s HeyMax acquires krip to accelerate regional expansion