Neat, a Hong Kong-based fintech startup, announced that it has raised a US$4 million extension to their US$11 million Series A round which closed in April 2020.
The company provides an online company incorporation package and fully-digital multi-currency wallet to fit the needs of international entrepreneurs today.
Existing investors MassMutual Ventures, Pacific Century Group, Linear Capital and Robby Hilkowitz as well as new investor Vectr Fintech participated in the Series A extension.
Neat’s vision is to enable the entrepreneur economy and support SMEs trading globally. While global travel has come to a standstill, cross-border trade has not. SMEs trading internationally are increasingly looking for online alternatives to facilitate their international business needs.
While COVID-19 has caused an economic slowdown, new company incorporations are still on the rise with more than 175,000 new companies incorporated in the UK in Q2 of 2020 compared to 170,000 the same period last year; in Hong Kong, over 27,000 companies were incorporated in Q2 of 2020. Companies that had previously turned to high street banking providers, are now looking at digital alternatives to get their businesses up-and-running.
“Some of the world’s most successful companies were born during or just after the financial crisis of 2008, think of WhatsApp and Uber. The majority of businesses founded during COVID-19 will have a digital-first mindset, which means they will have an opportunity to start trading globally from day one. We’re excited to be supporting this new wave of international entrepreneurs,”
said David Rosa, CEO of Neat.
Neat is primarily focused on SMEs trading between Europe and Asia. Over the next few years, Neat aims to make international trade frictionless by not only offering a way for customers to move money, but also making use of a vast ecosystem of tools to automate their business processes (payroll, accounting, logistics, etc.), ultimately enabling anyone to run an international business with ease.
Featured image: Igor Wos,Co-Founder of Neat, and David Rosa, CEO of Neat
