Singapore-founded open loop loyalty platform aims to give users a free vacation every year by maximising merchant and credit card reward
Singapore-founded loyalty platform Heymax.ai announced its US$ 2.6 million (SG$ 3.5 million) seed round, led by January Capital, with participation from Tenity, Ascend Angels, XA Network and other strategic investors.
Additionally, the company announced that it has appointed Aik-Phong Ng, former Managing Director of Shopback and Fave, as its new Chief Commercial Officer to spearhead Heymax.ai’s partnership expansion efforts and accelerate the widespread adoption of Max Miles, Heymax.ai’s loyalty currency.
Founded in 2023, Heymax.ai is a personal finance and shopping platform that allows consumers to earn air miles and redeem them across 25 airline, hotel and lifestyle merchants.
Since its inception, Heymax.ai has acquired over 50,000 consumers, who have earned over 50 million Max Miles and redeemed over 10,000 flights since Max Miles launched in September 2023.
“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. “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.
Heymax.ai is backed by January Capital, reflecting a shared vision to digital commerce enablement in APAC. Lu says that January Capital’s understanding of the ecommerce and rewards space further solidified the partnership, making them the ideal investor for Heymax.ai’s future growth.
“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.
Heymax.ai addresses the issue of optimising merchant and credit card rewards by building seamless interoperability across different business’ loyalty programs. Users can link their existing credit cards to the Heymax.ai platform and receive recommendations for the credit card that offers the most rewards for any given purchase.
Customers of the platform earn rewards in the form of Max Miles. Max Miles can be redeemed for any commercial flight on any airline or transferred to over 25 airline and hotel partner reward programs worldwide at a 1:1 ratio.
The company also recently partnered with Visa to launch Card Maximiser. This collaboration helps consumers track their spending across all Visa-branded cards, providing real-time insights into their card transactions and rewards accrual.
Following its momentum in Singapore, Heymax.ai announced its expansion into Australia in November 2023. The company continues to grow its presence for entry into new markets across the APAC region in the coming months.
