Heymax.ai, a Singapore-founded loyalty platform, has announced the completion of a US$2.6 million (SG$3.5 million) seed funding round led by January Capital.
Other participants in the round include Tenity, Ascend Angels, XA Network, and several strategic investors, such as Projjal Ghatak (founder of OnLoop), JJ Chai (former Airbnb SEA MD), Jake Tan Jun Kiat (founder of Ergotune), and Evan Heng Shu En (founder of Zenith).
January Capital’s expertise in e-commerce and rewards has been pivotal in supporting Heymax.ai’s growth.
Meanwhile, Tenity, which has been involved with Heymax.ai since its inception via its accelerator programme, also affirmed their commitment to the ongoing partnership and the startup’s goals.
Launched in 2023 by four former Meta engineers, Heymax.ai allows consumers to earn and redeem Max Miles from over 500 businesses.
These rewards can be used for flights or transferred to points with 25 airline and hotel partners.
The platform links users’ credit cards, providing instant recommendations for maximizing rewards on purchases.
Heymax.ai has partnered with major merchants like Amazon.sg, Apple, Grab, NTUC Fairprice, and Shopee.
Users can earn Max Miles, which are redeemable for flights or transferable to partner reward programs with no fees or expiration dates.
Since its launch, over 50,000 users have earned more than 50 million Max Miles and redeemed over 10,000 flights.
A recent collaboration with Visa introduced the Card Maximiser, allowing consumers to track spending across all Visa-branded cards and gain real-time insights into transactions and rewards.
Businesses like SingSaver and Airwallex have adopted Heymax.ai’s rewards system to enhance customer loyalty.
To drive further growth, Heymax.ai has appointed Aik-Phong Ng, former Managing Director of Shopback and Fave, as Chief Commercial Officer.
The company expanded into Australia in November 2023 and plans further regional growth.
Heymax.ai shared in a statement that it aims to help consumers optimise their rewards programs and unlock more value from their everyday purchases, with the goal of offering one free vacation per year to its users.
“Consumers looking to optimise 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.
Heymax.ai’s rewards ecosystem helps address these challenges, allowing consumers to unlock more loyalty rewards through earning Max Miles from their everyday purchases.”
said Joe Lu, CEO and Co-founder of Heymax.ai.
“As a Heymax.ai user myself, I can testify that Heymax.ai is empowering many consumers to maximize their reward from their spending with ease and full transparency.
I am very thankful to have journeyed with Heymax.ai from the very beginning, and we are excited to partake in Heymax.ai’s evolution.”
said Jun Ho, the Investment Director at Tenity.