How HeyMax's $11M Series A will unify fragmented APAC airline loyalty programs.

Singapore-headquartered HeyMax, a leading loyalty and travel rewards platform, announced a US$11 million Series A funding round. The investment was led by Peak XV Partners. Strategic investor Betatron Venture Group also joined the round. Existing backers January Capital and Tenity continued their support. The new capital will accelerate HeyMax's product development. It will also fund a major regional expansion across the Asia-Pacific (APAC) market.

Additional strategic investors include Rob Rosenstein, Co-founder and Chairman of Agoda. David Lee, former President of Visa APAC, also invested. This investment signals strong confidence in the growing travel loyalty segment.

The Opportunity in APAC Aviation

HeyMax was founded in 2023 to address the fragmented loyalty landscape in Asia. Consumers often juggle multiple programs. This limits their ability to build meaningful reward value. The platform aims to accelerate and unify loyalty and travel rewards. It allows seamless earning and redemption across many brands, cards, and airlines.

Market data underscores this massive opportunity. The Asia-Pacific loyalty market is projected to almost double. It is expected to reach US$60 billion by 2029, according to Research and Markets. This rapid growth highlights the region's shift toward digital and travel-linked rewards. Furthermore, Asia-Pacific passenger traffic is experiencing a robust recovery. IATA forecasts an 8.0% year-on-year passenger turnover growth for the region in 2026. This makes APAC the fastest-growing aviation market globally. Yet, billions of dollars in rewards go unredeemed each year.

Joe Lu, CEO and Cofounder of HeyMax, noted the region's challenges. "Across Asia-Pacific, travel increasingly shapes how people spend and save, yet rewards remain fragmented across markets," Lu said. HeyMax offers a universal travel wallet to capture value more easily.

Unifying Airline Loyalty Programs with Max Miles

HeyMax's core offering is its flagship currency, Max Miles travel rewards. This currency connects various loyalty and merchant programs into one platform. Users can earn Max Miles from over 800 participating merchants. These include Trip.com, Shopee, and Starbucks. They can then redeem Max Miles for flights, gift cards, or transfer them. Transfers are possible to more than 30 airline loyalty programs and hotel partners. Key partners include Cathay, ALL Accor, and Qatar Airways.

The new capital will focus on developing an AI-empowered rewards experience. This technology will simplify earning and redemption for consumers.

Key platform functions designed for the modern traveler include:

• Max Miles: The core rewards currency providing flexible redemption options.
• FlyAnywhere: A redemption feature allowing flight booking on nearly any airline at a fixed rate per mile.
• Card Maximiser: A tool that automatically suggests the most rewarding Visa card for a purchase, even without opening the app.

These capabilities make reward systems more interoperable. They significantly accelerate how consumers earn and use travel rewards across markets.

Strategic Growth and Investor Confidence

Rohit Agarwal, Managing Director at Peak XV, highlighted the market inefficiency. He noted that loyalty programs often suffer from low engagement. "More than 40% of the total card revenues... is spent on loyalty and consumer rewards—this is HeyMax's opportunity," Agarwal stated. The Peak XV Partners investment validates the platform's technology-driven approach.

HeyMax has shown strong performance since its US$2.7 million seed round in July 2024. The company has grown to over 150,000 users. It issues more than 500 million Max Miles annually. In 2025, the company acquired Hong Kong-based fintech krip. This marked its entry into Hong Kong as its first international market. The platform reported fivefold year-over-year revenue growth last year. Its annualised revenue run rate reached US$6 million.

This funding will fuel the Singapore-based HeyMax expansion. Apart from Singapore and Hong Kong SAR, HeyMax plans to enter new markets. It will expand into Japan, the Taiwan region, and Australia by the end of 2026. This expansion aims to solidify its position as a major APAC travel loyalty platform.

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