HeyMax, a Singapore-based loyalty and travel rewards company, announced on Wednesday that it has raised $11 million in a Series A round led by Peak XV Partners.
According to a statement from the company, the round also brought in strategic investor Betatron Venture Group, with ongoing backing from Tenity and January Capital.
David Lee, a fintech advisor, independent bank director, and former president of Visa APAC, and Rob Rosenstein, co-founder and chairman of Agoda, are two more investors.
With a focus on artificial intelligence (AI)-powered rewards, the new funding will help HeyMax expand its product capabilities and streamline the earning and redemption process for customers.
By the end of 2026, HeyMax plans to have offices in Japan, Taiwan, and Australia in addition to Singapore and Hong Kong.
“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 unifies and expedites loyalty and travel rewards. With its flagship currency, Max Miles, customers can easily accrue and redeem value across brands, cards, airlines, and hotels.
According to the company, this funding shows confidence in the travel loyalty market, which is supported by record travel demand and an increasing desire among Asian consumers for more affordable travel.
According to Research and Markets, the Asia-Pacific loyalty market is expected to nearly double to $60 billion by 2029, highlighting the region’s swift transition to digital and travel-related incentives.
Over 75% of customers are enrolled in at least one loyalty program, and IATA data indicates that Asia-Pacific passenger traffic has surpassed 120% of 2019 levels.
However, rewards worth billions of dollars are not used every year. Building meaningful value from rewards is challenging in Asia’s fragmented loyalty landscape because consumers juggle multiple programs with limited cross-border utility.
Additionally, this restricts how travel agencies and retailers interact with both domestic and foreign clients.
According to HeyMax, the company resolves these issues by standardizing the way customers accrue and use rewards across markets using Max Miles, its primary currency.
