Calgary’s e-commerce payments enabler Reach has secured a $30 million investment as it bids to accelerate its mission of unlocking a global customer base for merchants through a streamlined payments, tax and fraud platform.
Reach’s seamless checkout experience provides customers with a localized experience leading to higher conversion and lower cost through the ability to dynamically transact in over local 120 currencies with no currency risk and true local processing in more than 40 markets.
The round, led by Vistara Growth, includes investment from Bluesky Equities, Tribune Capital, and Rising Tide.
The capital will be used to dramatically 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.
With ecommerce cross-border transactions set to surge to an estimated $1.2 trillion in 2022, consumer trust in foreign merchants has never been higher, with more customers than ever looking beyond their own localities for their ideal purchase.
However, despite increased demand, many merchants continue to see cross-border ecommerce as complicated and expensive, while potential customers increasingly abandon carts on discovering the inability to transact in their own local currency, or when redirected to an unknown third-party checkout.
What’s more, should a consumer overcome these hurdles, the transaction is often rejected when foreign payment processors are not integrated with popular local payment methods.
“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,” said Sam Ranieri, CEO at Reach.
“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.”
Reach’s model and platform is trusted by customers including innovative fashion brands Revolve and Everlane, jeweller James Allen, and high growth digitally native consumer startups Current Body and BlendJet.