SINGAPORE – Singapore-based travel and loyalty platform HeyMax is seeking to expand to overseas markets such as Japan amid strong travel demand.
The start-up also plans to double its current Singapore headcount of 16 over the next year, and hire workers with artificial intelligence (AI) and data expertise to boost its offerings.
In a recent interview with The Straits Times, HeyMax chief executive and co-founder Joe Lu said the company plans to expand into five markets – Japan, Australia, South Korea, Hong Kong and Taiwan – where users from Singapore will be able to redeem rewards from purchases made at merchants in those locations.
The new offerings are expected to be rolled out by the end of the third quarter of 2025, starting with Hong Kong. From then, users globally will be able to access a common network of more than 500 participating merchants worldwide.
HeyMax currently has more than 120,000 users worldwide and works with about 500 merchants, including both local and global brands.
“We are prioritising ‘high-volume corridors’… These markets were chosen based on their strong inbound and outbound travel patterns,” said Mr Lu, adding that he aims to onboard over one million travellers globally by 2026.
“Another goal is to double our merchant network to 1,000 partners, up from the current 500, by 2026.”
While Singapore will remain HeyMax’s headquarters and its “core hub” for product and engineering, Mr Lu said the start-up will also ramp up hiring in Hong Kong, Japan and Australia to support business development and on-the-ground operations.
“Our hiring strategy will be focused on building a high-performing and regionally distributed team that can support our growth and serve users and partners across the Asia-Pacific region,” he said.
Founded in 2023, HeyMax allows users to redeem flights, hotel points and gift cards from purchases made at merchants, including restaurants, retail stores, insurance providers and e-commerce platforms.
These rewards can be redeemed through HeyMax’s direct partners, such as hotel chains IHG and Marriott, and airlines including Etihad, Qantas and Garuda. Singapore Airlines is not a direct partner, but users can redeem Max Miles for its tickets through HeyMax’s FlyAnywhere programme, which converts miles into cash for flight purchases.
The platform uses AI to recommend the best card to use at each merchant and identify merchant category codes, allowing users to avoid categories that do not earn rewards.
Users can earn both their regular credit card miles or points, and Max Miles – HeyMax’s own reward currency – which can be transferred to frequent flier programmes, converted to cash for flight purchases, or redeemed for hotel points.
Mr Lu said that HeyMax will be launching an AI-powered miles assistant in 2026 that will further simplify reward redemptions.
“It will track expiration dates, recommend the best ways to use miles, and even help users book trips, so they can spend less time decoding reward rules and more time enjoying the benefits,” he said.
Mr Lu added that HeyMax will continue to focus on accelerating its business-to-business (B2B) partnerships, particularly in financial services and consumer-facing sectors such as digital banks, insurance providers, travel firms, and retail and food and beverage companies.
The start-up, which recorded an annualised revenue of US$6 million (S$7.7 million) in the first quarter of 2025, operates on a dual-revenue model.
One stream comes from advertising, where brands pay to engage users who convert directly on the HeyMax platform. The other is through B2B partnerships, where companies fund the Max Miles issued to their customers on the platform as part of loyalty or engagement strategies.
HeyMax has issued more than 270 million Max Miles to date, with more than 27 million redemptions.
In March, HeyMax was linked to a surge in withdrawals at financial services firm Chocolate Finance, which attributed the activity to users trying to maximise a rewards programme. On March 11, Chocolate Finance said some debit card holders had made large payments via AXS machines to earn air miles.
Chocolate Finance had launched its partnership with HeyMax on Feb 11, offering customers two miles per dollar spent – including on transactions typically excluded from such schemes, such as charitable donations, education, insurance premiums, utilities and AXS payments.
Mr Lu declined to comment directly on the episode or on the sustainability of HeyMax’s other partnerships, but said the firm remains focused on building trust with users.
“We’re focused on deepening this ecosystem with trusted, long-term partners who help deliver meaningful value at every step of the travel journey,” he said.
HeyMax’s last capital injection came in July 2024, when it secured US$2.6 million in seed funding from investors including January Capital, Monk’s Hill Ventures and Ascend Capital.
Join ST’s Telegram channel and get the latest breaking news delivered to you.
AloJapan.com