PayTech firm Reach snags $30m investment to accelerate international growth
Cross border e-commerce payments enabler, Reach, has secured a $30 million investment.
The round was led by Vistara Growth and also included Bluesky Equities, Tribune Capital, and Rising Tide.
The capital will be used to scale up Reach’s development teams, with a focus on merchant success and onboarding, as well as expansion into new shopper geographies to help grow local acquiring networks for both merchants and partners.
Sam Ranieri, CEO at Reach, comments: “Our pioneering solutions are helping companies to meet growing global customer demand through localised payment methods, optimised checkout conversions, and best in class fraud prevention services.”
“E-commerce giants, such as Apple, Amazon, Netflix, and 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 regulations and tax structures. The vast majority of businesses do not, thus creating a large competitive disadvantage.”
“Our unique platform allows companies to leverage our vast entity and banking network, unlocking the true power of local currency and local payment processing while eliminating the complexity, cost, time, and risk to set up directly.”
“We are proud of bootstrapping to significant scale and achieving a fourth consecutive year of 50% year-on-year growth. With demand accelerating, it was time to bring on experienced financial partners to help build on the foundations for our next phase of growth.”
Noah Shipman, Partner at Vistara Growth, comments: “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.”
Derrick Hunter, President at Bluesky Equities, adds: “Sam is building a strong team with incredible momentum in the fast growing global payment processing market.”
“Reach is a market disruptor that is doing something new, and Bluesky is excited to invest in this round.”
