Loyalty and travel rewards platform HeyMax has raised $11 million in Series A funding.
The investment in the Singapore-based business was led by Peak XV Partners with support from Betatron Venture Group and existing investors January Capital and Tenity.
Rob Rosenstein, co-founder and chairman of Agoda, and David Lee, fintech advisor and former president of Visa APAC, also participated in the round.
HeyMax, a PhocusWire Hot 25 Travel Startup for 2026, offers a unified program enabling consumers to earn and redeem rewards across brands, cards, airlines and hotels through its Max Miles currency.
The funding will go toward product development, including simplifying earning and redemption for consumers through artificial intelligence and expansion into Japan, Taiwan and Australia in 2026.
“Across Asia-Pacific, travel increasingly shapes how people spend and save, yet rewards remain fragmented across markets,” said Joe Lu, CEO and co-founder of HeyMax.
“HeyMax unifies earning and redemption across borders so frequent travelers can capture value more easily into one universal travel wallet allowing our customers to travel better and faster. This also gives our partners a stickier, higher-engagement way to reach travelers and tap into the growing flow of spending and loyalty tied to travel across the region. This funding helps us accelerate how consumers earn and redeem travel rewards, scale our platform and deepen partnerships,” he said.
Recent research from Phocuswright revealed the most common actions travelers consider to signals of loyalty. In the Beyond points: Rethinking loyalty and brand consistency study, 53% of travelers ranked using the brand over a long period of time as a top signal. Other popular definitions of loyalty in travel include using the brand whenever there is opportunity to take a trip (48%). Travelers also showed respect for brand evangelism, which 41% felt was one of the most important ways to demonstrate loyalty.
Users earn Max Miles when they shop with brands and merchants such as Trip.com, Shopee, Starbucks and Foodpanda. They can be redeemed for flights and gift cards or transferred to more than 30 airline and hotel programs including Cathay, ALL Accor, and Qatar Airways.
"Loyalty programs were designed to influence consumer behavior towards their favorite airlines, hotels or retailers. But today, a majority of these programs suffer from low engagement and have merely become a tool to collect customer information, resulting in no real loyalty. HeyMax is leveraging technology and reward loops to increase engagement and consumption for the world’s best brands. More than 40% of the total card revenues, totaling over $100 billion globally, is spent on loyalty and consumer rewards—this is HeyMax’s opportunity," said Rohit Agarwal, managing director at Peak XV.
HeyMax acquired Krip, a Hong Kong-based fintech platform, in July 2025.