Hong Kong Based Neat Raises US$11M to Provide Digital Financial Services for SMEsby Fintech News Hong Kong April 8, 2020
Neat, a Hong Kong-based fintech company offering modern financial solutions to SMEs and startups, today announced raising an $11 million USD Series A funding round.
Pacific Century Group (PCG) led the round with participation from Visa, and MassMutual Ventures Southeast Asia, among others. With the investment, Neat plans to continue its international expansion to support businesses that trade across borders.
Neat’s vision is to enable the entrepreneur economy, starting with multi-currency business accounts that can be opened online with a 15-minute application, corporate expense cards, and the ability to send and receive money globally.
Additionally, Neat and Visa have entered into a strategic partnership, and in the next few months Neat will begin issuing Visa credit cards aimed at cross-border SMEs.
“Our goal is to offer a truly global solution for businesses that trade across borders, regardless of their size or how long they’ve been in the market. Corporate credit cards, for example, can be incredibly difficult for young businesses to get,”
said David Rosa, CEO and Co-Founder of Neat.
“We’re excited to partner with Visa, one of the leaders in digital payments, to offer a product that hasn’t always been accessible to young SMEs.”
In the long run, Neat aims to make international trade nearly frictionless by not only offering a way for customers to move money, but also making use of a wide ecosystem of tools that automates their business processes (payroll, accounting, logistics, etc.), to ultimately enable anyone to run an international business with ease.
With a global count of 500M+ startups and other SMEs, funds from this round will be used to further Neat’s international expansion. Notably:
- After opening an office in Shenzhen in 2019 targeting Chinese exporters, Neat has just opened a new office in London and is set to kick off local operations in Western Europe to also serve the other side of the market: European entrepreneurs trading with China.
- Neat will further invest into its customer support with the aim of delighting its customers around the clock.
- Neat will continue to develop its customer acquisition channels across South East Asia.
- On top of their current licenses, Neat will be pursuing relevant regulatory licences around the world to fuel their business growth.
Featured image: Neat Co-Founders David Rosa (L) and Igor Wos (R)