Reach, a combined payments, tax and fraud platform designed to improve handling of cross-border commerce transactions, has received $30 million in its latest funding round. The solution provider will use the funding to scale up its development teams with a focus on merchant success and onboarding, as well as to expand into new shopper geographies.
Cross-border ecommerce transactions are projected to reach $1.2 trillion in 2022, despite the fact that consumers often abandon carts upon discovering they can’t transact in their local currency or are redirected to a third party for checkout. The Reach solution powers transactions in 120 local currencies and local processing in more than 40 markets.
“Ecommerce giants 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 structure,” said Sam Ranieri, CEO at Reach in a statement. “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 networks, unlocking the true power of local currency and local payment processing while eliminating the complexity, cost, time and risk to set up directly.”
The funding round was led by Vistara Growth and includes investment from Bluesky Equities, Tribune Capital and Rising Tide.