Ex-Meta Engineers’ Startup Heymax.ai Raises $2.6M to Expand Personal Finance Platform

The Singapore-founded personal finance and shopping platform Heymax.ai has secured US$2.6 million in a seed funding round. This investment was led by January Capital, with additional participation from Tenity, Ascend Angels, XA Network, and numerous angel investors, including prominent figures such as Shiyan Koh, JJ Chai, and Kum Hong Siew.

Heymax.ai, known for developing an open-loop loyalty platform, plans to use the new funding to support its growth efforts and enhance its services. The funding will help the company expand its market reach and develop innovative personal finance and shopping solutions.

Heymax.ai, founded in 2023 by four ex-Meta engineers, created interoperability across various loyalty programs. The platform allows users to link their credit cards and receive instant recommendations for the best rewards available for any purchase.

Heymax.ai provides access to over 500 major merchants, including Amazon.sg, Apple, Grab, NTUC Fairprice, and Shopee. Users earn rewards in the form of Max Miles, which can be redeemed for any commercial flight or transferred to over 25 airline and hotel partner programs worldwide at a 1:1 ratio, with no fees or expiry dates. Since its launch, Heymax.ai has grown its user base to over 50,000, with users earning over 50 million Max Miles and redeeming over 10,000 flights.

The new funding will be used to enhance Heymax.ai’s technological infrastructure and expand its services. The company aims to simplify the reward maximization process, helping consumers earn free vacations through smart merchant and credit card rewards management. It addresses common challenges consumers face in finding the right platform to optimize their rewards, often leading to missed opportunities.

Heymax.ai has recently partnered with Visa to launch Card Maximiser, a feature that allows consumers to track their spending across all Visa-branded cards seamlessly. This collaboration provides comprehensive, real-time insights into card transactions and rewards accrual, enhancing the user experience.

In addition to securing funding, Heymax.ai appointed Aik-Phong Ng, former Managing Director of Shopback and Fave, as its new Chief Commercial Officer. Ng will lead the company’s partnership expansion efforts and accelerate the adoption of Max Miles. Heymax.ai’s rapid growth continues, with over 50,000 users earning more than 50 million Max Miles and redeeming over 10,000 flights since September 2023.

Expanding its reach, Heymax.ai entered the Australian market in November 2023 and plans further regional growth. CEO and Co-founder Joe Lu emphasized the platform’s mission to help consumers optimize their rewards programs and unlock more value from their everyday purchases.

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