Heymax

Heymax is a Singapore-based financial technology company that operates an open-loop loyalty rewards platform. Founded in 2023 by four former Meta engineers—Joe Lu, Wang Ke, Jialu Zhong, and Sean Dy—the company aims to simplify the fragmented landscape of loyalty programs. The founders leverage their collective experience in software engineering and data science from their time working together at Meta's regional headquarters in Singapore. This technical background underpins the firm's strategy of building a high-quality, reliable product to solve consumer frustrations with existing rewards programs.

The company's core offering is a personal finance and shopping platform that allows consumers to earn a universal rewards currency, "Max Miles," from everyday spending. Heymax's business model is centered on redirecting merchant marketing budgets; instead of traditional advertising, merchants partner with Heymax to acquire and engage customers, funding the Max Miles rewards given to users. For consumers, the platform functions as a one-stop solution to maximize rewards. Users can earn Max Miles by shopping with over 500 partner merchants, including major names like Amazon, Apple, and Shopee. A key feature is the ability to "double-dip," earning both Max Miles and standard credit card points on the same transaction. The platform also includes a "Card Maximiser" tool, developed in partnership with Visa, which recommends the optimal credit card for any given purchase to maximize returns.

Max Miles do not expire and can be transferred at a 1:1 ratio to over 25 airline and hotel partner loyalty programs or be used to redeem any flight directly through the platform's FlyAnywhere feature. This creates a flexible, open-loop system that contrasts with the closed ecosystems of most loyalty programs. Since launching its rewards currency in September 2023, the platform has attracted over 50,000 users who have earned more than 50 million Max Miles. In July 2024, Heymax secured US$2.6 million in a seed funding round led by January Capital, with participation from Tenity, Ascend Angels, and XA Network, to enhance its technology and support expansion across the Asia-Pacific region, including Australia.

Keywords: loyalty rewards platform, Max Miles, credit card optimization, open-loop loyalty, rewards aggregation, personal finance, financial technology, customer loyalty, digital commerce enablement, airline miles, hotel points, rewards currency, e-commerce rewards, travel rewards, consumer fintech, Asia-Pacific, shopping platform, merchant partnerships, rewards ecosystem, Joe Lu