Singapore-founded personal finance and shopping platform Heymax.ai has raised US$2.6 million in a seed funding round led by January Capital.
Tenity, Ascend Angels, and XA Network also participated.
The angels who co-invested in the round are Shiyan Koh, JJ Chai, Kum Hong Siew, Jie Lun Ong, Evan Heng, JJ (Projjal) Ghatak, Jake Tan Jun Kiat, Junyang Ng, Chua Ee Chien, Nino Ulsamer, Jeff Wu, Ned Lowe, Vanessa Ho, Sky Tsoi, Zach Tan, Ronak Banka, Sandeep Krishnamani, Ayush Goyal, John Xiao, Jimmy Gambier, Royston Chan, Jian Wei Chuah, Junxiong Ho, and StashAway’s Angel Investing programme.
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Optimising merchant and credit card rewards can be challenging, but Heymax.ai—founded in 2023 by four ex-Meta engineers—addresses this problem by building “seamless” interoperability across different businesses’ loyalty programmes. Users can 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.
The platform grants customers access to over 500 major merchants across key categories, including Amazon.sg, Apple, Grab, NTUC Fairprice, and Shopee. It allows customers to earn rewards through one single currency: Max Miles. Max Miles can be redeemed for any commercial flight on any airline or transferred to over 25 airline and hotel partner reward programmes worldwide at a 1:1 ratio, with no fees or expiry dates.
The company claims its user base has grown to over 50,000 since launch, and they have earned over 50 million Max Miles and redeemed over 10,000 flights since Max Miles launched in September 2023.
The company also recently partnered with Visa to launch Card Maximiser. This collaboration helps consumers seamlessly track their spending across all Visa-branded cards, providing comprehensive and real-time insights into card transactions and rewards accrual.
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Companies like SingSaver and Airwallex have also integrated Max Miles into their campaigns to create a cost-effective engagement strategy for businesses while offering customers the opportunity to earn additional rewards.
In addition to funding, Heymax.ai has announced the appointment of Aik-Phong Ng as its new chief commercial officer. Ng, former MD of Shopback and Fave, will spearhead Heymax.ai’s partnership expansion efforts and accelerate the widespread adoption of Max Miles.
Following strong momentum in Singapore, Heymax.ai announced its expansion into Australia in November 2023.
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Image Credit: Heymax
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