Heymax.ai, a Singapore-founded loyalty platform, has successfully raised US$2.6 million (SG$3.5 million) in seed funding. This round was led by January Capital and included contributions from Tenity, Ascend Angels, XA Network, and other strategic investors.

Heymax.ai is a personal finance and shopping platform that enables users to earn Max Miles from over 500 businesses. These miles can be redeemed for flights or transferred to miles and points at 25 airline and hotel partners.

According to Joe Lu, CEO and Co-founder of Heymax.ai, “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. 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.”

Roy Ong from January Capital shared his enthusiasm for the partnership: “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. 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.”

Effortless Rewards Across Hundreds of Merchants

With consumers becoming more cautious about their spending, Heymax.ai offers a solution by providing seamless interoperability across different loyalty programs. Users can link their existing credit cards to the Heymax.ai platform and receive recommendations for the best rewards available for any purchase. The platform features over 500 major merchants, including Amazon.sg, Apple, Grab, NTUC Fairprice, and Shopee, all operating under one rewards currency: Max Miles. Since its launch in September 2023, Heymax.ai’s user base has grown to over 50,000, who have earned over 50 million Max Miles and redeemed over 10,000 flights.

Visa Partnership and Card Maximiser

The platform’s recent partnership with Visa introduced the Card Maximiser feature, helping users track their spending across all Visa-branded cards. This collaboration provides real-time insights into card transactions and rewards accrual.

Beyond individual users, companies like SingSaver and Airwallex are incorporating Max Miles into their campaigns. This integration offers businesses a cost-effective engagement strategy while providing customers with more opportunities to earn rewards.

New Leadership and Regional Expansion

Heymax.ai recently appointed Aik-Phong Ng, former Managing Director of Shopback and Fave, as Chief Commercial Officer to lead partnership expansion efforts and drive the adoption of Max Miles. Following its strong growth in Singapore, the company expanded into Australia in November 2023 and is preparing to enter additional markets across the APAC region.

Lu adds: “I’m extremely excited about the future when customers all over the world can easily maximise their rewards and get 1 million free trips from Heymax.ai every year to build treasured memories. To achieve that, we are firing on all cylinders to bring more partners onboard to reward customers with Max Miles.”

A Star-Studded Lineup of Angel Investors

The latest round of angel investors includes 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.