Neat Bundles Up Invoice-Buying P2P Startup to Sell Discounted Services
by Fintech News Hong Kong October 5, 2018Invoice financing company Capital Match, and SME current account platform Neat, announce a stronger partnership. Through this collaboration, both parties hope to provide more cost-effective account management and financing services geared towards SMEs in Hong Kong through their collaboration.
Established in 2014, Singapore-based Capital Match to date has helped SMEs in its hometown and Hong Kong to secure over US$ 78m (HK$ 600m) of funding, according to a press release.
Its value proposition: it is difficult for SMEs to borrow enough from banks, which could lead to cash flow issues for SMEs with a smaller runway. Capital Match aims to fix these issues by purchasing outstanding invoices from SMEs and chasing after payments themselves. Capital Match solves SMEs’ cash-flow problems by, in part, purchasing outstanding invoices from SMEs.
The company will advance up to 85% of the invoice value, and will settle the payment in full once the customer has paid up.
Meanwhile the homegrown Neat offers its Neat Business product, which is a modern alternative to a traditional corporate bank account for entrepreneurs, startups, and SMEs who need a current account for their company. SMEs can open the account online in 10 minutes. Customers will receive a dedicated Hong Kong bank account number to transfer money in and out seamlessly.
“We are delighted with the opportunity to extend Neat’s current account solution to Capital Match customers,”
said a spokesman from Neat.
“Customers from Capital Match will enjoy discounts on card services, as well as a network of support services we are building for the SMEs.”
In addition, clients of Neat will get discounts on origination fees for Capital Match products.
