Singapore-based loyalty platform HeyMax has successfully closed an $11 million Series A funding round led by prominent venture capital firm Peak XV Partners. The company aims to revolutionize the fragmented travel rewards landscape across Asia Pacific with its unified loyalty currency. This new capital will fuel product development and support strategic expansion into key regional markets.
Addressing a Fragmented Market
The Asian loyalty market often presents challenges for consumers, who must navigate multiple disconnected programs with limited cross-border utility. HeyMax directly addresses this issue by integrating disparate rewards into a single, cohesive ecosystem centered around its "Max Miles" currency. This innovative approach allows travelers to consolidate their earnings into one versatile and powerful travel wallet.
Users can accumulate Max Miles by spending with over 800 partners, including major brands like Trip.com, Shopee, and Starbucks. These miles can then be redeemed for flights and gift cards or transferred to over 30 prestigious airline and hotel programs. This extensive network provides unparalleled flexibility and value, catering to the diverse needs of modern travelers.
Strategic Expansion and Product Innovation
With the fresh injection of funds, HeyMax plans to enhance its AI-driven platform to further simplify the rewards experience for its users. The company is targeting expansion into Japan, Taiwan, and Australia by the end of 2026, building on its established presence in Singapore and Hong Kong. This move signals a clear ambition to establish a pan-Asian footprint in the loyalty sector.
The platform's core offerings include innovative tools like FlyAnywhere, which enables fixed-rate flight redemptions, and Card Maximiser, which automatically suggests the most rewarding payment card. These features are designed to streamline the process of earning and using points, maximizing value for consumers. The company's founding team of former Meta engineers provides a strong foundation for continued technological advancement.
Impressive Growth and Investor Confidence
Since its launch in 2023, HeyMax has demonstrated remarkable traction, growing its user base to over 150,000 and issuing more than 500 million Max Miles annually. The company recently reported a five-fold year-over-year revenue increase, reaching a $6 million annualized revenue run rate. These figures underscore the strong market appetite for a more interconnected and rewarding travel experience.
The investment from Peak XV Partners and other strategic backers validates HeyMax's vision and its potential to disrupt the industry. This confidence is bolstered by favorable market dynamics, with the APAC loyalty market projected to reach $60 billion by 2029. As regional travel continues to surge, HeyMax is well-positioned to capitalize on this significant growth opportunity.
This $11 million funding round marks a pivotal moment for HeyMax, providing the resources to accelerate its mission of unifying Asia's loyalty landscape. By simplifying rewards and enhancing value for travelers, the company is poised to redefine consumer engagement with brands. HeyMax is now strongly positioned to become a dominant force in the region's competitive travel technology market.