The capital will be used to 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 USD 1.2 trillion in 2022, consumer trust in foreign merchants has increased, with more customers looking beyond their own localities for their ideal purchase, according to the press release.
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 may be rejected when foreign payment processors are not integrated with popular local payment methods.
Reach’s seamless checkout experience provides customers with a localised experience leading to higher conversions and lower costs through the ability to dynamically transact in more than 120 local currencies with no currency risk and local processing in more than 40 markets. The company’s platform allows companies to leverage its entity and banking network, unlocking local currency and local payment processing while eliminating the complexity, cost, time, and risk to set up directly.
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