Global Fintech-as-a-Service platform Rapyd announced that it has agreed to acquire Hong Kong-based Neat, a cross-border trade enabling platform for small and medium-sized businesses (SMBs) and startups.
Terms of the deal were not disclosed, and it is subject to regulatory approval.
Neat provides full company incorporation, business accounts, global payment collection and disbursements, as well as credit card-based capital expansion services.
According to Rapyd, by integrating Neat into its global payments network, SMBs will be able to incorporate new companies in minutes, streamline receivables and payables in a single venue, starting with Hong Kong and soon in other markets.
Additionally, SMBs will also have access to real-time high-value payments in Hong Kong via FPS, CHATS, and SWIFT as well as accelerate payments to suppliers across Greater China.
The acquisition will also provide eligible businesses with fast working capital through an in-wallet credit line.
Rapyd delivers fintech services at scale coupled with its global payments network that supports more than 900 payment methods in over 100 countries and global payouts in over 200 countries.
This supports entrepreneurs and SMBs looking to incorporate, get online, and access new markets quickly and inexpensively.
Joel Yarbrough, Managing Director of Rapyd Ventures and Vice President of Asia Pacific said,
“Neat has enabled thousands of businesses to intelligently manage their trade flows and working capital, through fast incorporation, virtual accounts, payables, and spend management.
As SMBs need to go digital and globalise at an even faster rate due to the pandemic, together Neat and Rapyd can help businesses everywhere sell their goods and services in new markets with less complexity, flatten FX fees, to unlock revenue and growth potential that would otherwise be inaccessible to them.”
David Rosa, CEO and Co-founder of Neat said,
“Joining the Rapyd family turbo-charges our capabilities and we are super excited about it.
Our comprehensive business solution, high-touch support model, excellent onboarding experience and easy-to-use capabilities are an ideal complement to Rapyd’s world-class technology and global payments network.”
Featured image: Edited from Pixabay