Singapore-founded loyalty platform Heymax.ai has raised US$2.6 million in seed funding, led by January Capital, with participation from Tenity, Ascend Angels, XA Network and other strategic investors.
Founded in 2023 by four ex-Meta engineers, Heymax.ai is a personal finance and shopping platform that allows consumers to earn Max Miles from over 500 businesses, and redeem them for flights or directly transfer to miles and points at 25 airline and hotel partners.
“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,” said Joe Lu, CEO and Co-founder of Heymax.ai in a statement.
“Heymax.ai’s rewards ecosystem helps address these challenges, allowing consumers to unlock more loyalty rewards through earning Max Miles from their everyday purchases. We’re committed to helping our customers earn one free vacation every year,” he added.
Amid an inflationary environment and high living costs, consumers are more cautious with their spending and are seeking ways to maximise their purchasing power.
While optimising merchant and credit card rewards can be a challenge, Heymax.ai is seeking to address this problem by building seamless interoperability across different business’ loyalty programs. This allows users to link their existing credit cards to the Heymax.ai platform and receive instant recommendations for the credit card that offers the most rewards for any given purchase.
In addition to Max Miles, the company recently partnered with Visa to launch Card Maximiser. This collaboration helps consumers seamlessly track their spending across all Visa-branded cards, providing real-time insights into their card transactions and rewards accrual.
“Many rewards programs we know and love are locked within the closed ecosystem of a single company. This hyper-fragmentation only serves to drive up the cost of customer acquisition for merchants and increases the mental load on consumers who are seeking to optimise their spending power,” said Roy Ong, Investor, January Capital.
“The team at Heymax.ai has a clear desire to break the mould and solve these challenges for both merchants and customers. Combined with the founding team’s experience in large technology companies, we knew from the beginning that they would be able to execute this vision with great finesse,” he added.
