Financial technology services provider, Reach has secured an investment worth $30 million in its latest funding round. With a mission to accelerate global expansion, the company is planning to assist online merchants and marketplaces increase conversions.
Vistara Growth led the funding round with participation from Bluesky Equities, Tribune Capital and Rising Tide. Through the investment, Reach aims to scale up its development teams. In addition, the global e-commerce payments enabler is planning to enter into new geographical locations.
According to an estimate, cross-border e-commerce transactions are set to hit $1.2 trillion in 2022. Amid the growing adoption of global e-commerce, Reach noted that the customers are now looking for convenient payment methods.
“Our pioneering solutions are helping companies to meet growing global customer demand through localized payment methods, optimized checkout conversions and best-in-class fraud prevention services. Ecommerce giants, such as Apple, Amazon, Netflix & Spotify to name a few, have the resources to open operations in every new market to set up local processing, have large treasury teams dedicated to managing currency risk and heavyweight legal teams to comply with every country’s regulation and tax structures. The vast majority of businesses do not,” Sam Ranieri, the CEO at Reach, said.
Payments Technology
Several emerging companies around the world have entered into the payments technology space to introduce innovative tools for cross-border transactions. Reach mentioned that a localized solution will be an effective method for a convenient checkout experience.
Noah Shipman, a Partner at Vistara Growth, commented: “Reach is a unique company that is loved equally by sales and marketing, international operations, IT and finance teams at its merchant and marketplace customers. It is rare to find a solution that materially improves customer experience and conversions, is easily integrated and dramatically lowers the cost of delivery.”
Earlier this month, fintech firm Cardlay received a $6 million capital injection.
