Circle partners with REAP to provide innovative payment services for businesses lacking banking support.

The stablecoin issuer Circle has partnered with Hong Kong payment startup REAP to provide B2B payments for companies that have difficulty accessing traditional financial services such as credit cards and bank accounts, offering financial solutions to over 22,000 businesses worldwide.

Payment Startup Reap

Reap is a payment technology company founded in Hong Kong in 2018. It is one of the first non-bank startups in Asia to issue Visa cards. Reap offers corporate credit cards and expense management software, allowing enterprises to pay bills, track and manage expenses more efficiently. Whether customers use fiat or digital assets, Reap provides financial solutions to over 22,000 global enterprises by integrating the Web2 and Web3 domains.

Secured Corporate Credit Card on Visa - Reap Card

The core product of Reap is the Reap Card, a secured corporate credit card issued on the Visa network, collateralized with fiat currency or USDC. The collateral is managed by a third-party custodian representing Reap, setting credit limits on the card, allowing Reap to extend credit services to Web3 and other enterprises without repayment risks. Unlike prepaid debit cards, Reap Card operates on a postpaid model, enabling enterprises to settle their bills at the end of the billing cycle. This allows global consumption wherever Visa is accepted, enabling enterprises to settle bills with fiat or digital assets at the end of the billing cycle, unlocking previously unattainable financial flexibility, meeting diverse business needs, and reducing Reap's risks.

Reap Pay Facilitates Domestic and Cross-Border Bank Transfers

Furthermore, Reap assists enterprises in domestic and cross-border bank transfers through its Reap Pay product. Businesses can transfer funds using the Reap Card or USDC, with recipients receiving their chosen local currency directly into their bank accounts. This feature is particularly beneficial for enterprises without traditional bank accounts, especially emerging market startups or small and medium-sized enterprises, enabling them to easily complete key financial tasks such as payroll and rent. By integrating Circle's USDC and leveraging the global Visa network, Reap significantly enhances financial inclusivity, providing the tools necessary for efficient operations for global enterprises.