Hong Kong-based challenger bank Neat, announced a US$3 million funding round led by China-based VC Linear Capital, an early stage venture focusing on data-driven startups.
This brings the total funding raised by Neat this year to US$5 million. Existing investors including Dymon Asia Ventures and Portag3 Ventures also participated in the latest round, as well as Hong Kong-based Sagamore Investments.
Neat’s virtual bank claims to offer more flexibility than the traditional corporate bank accounts. The bank offers a dedicated Hong Kong account number from across the globe, and even includes Mastercard debit cards. Signups can be made anywhere across the globe.
For the growing number of Chinese companies expanding internationally, Hong Kong is a logical choice of jurisdiction for incorporation, and the first step to any global goals. For any business going global opening a bank account abroad can be a challenge.
The company offers a variety of products, including a multi-user business account.
“We are excited to make our Neat Business product available to Chinese customers who are looking for a Hong Kong based solution to help realise their global ambition”, said David Rosa, CEO and Co-Founder of Neat.
“Today we are seeing more enterprises—new and established—from China venturing beyond their domestic market and Neat is perfectly positioned to offer this growing group of businesses financial access and the ability to expand their footprint globally.”
Neat will use the new capital to accelerate the release of new products, and to grow the team. Neat will also attempt to leverage Linear Capital’s expertise in data science and wide network in the China market.
Neat claims that it has customers hailing from 100 countries, delivering a fully digital alternative to a traditional corporate bank account.
Neat’s other offering to businesses is a user-friendly overview of the state of their finances, and features mechanisms for making and receiving payments, payroll and expense management. In addition, Neat’s customers can also make international transfers to more than 60 countries.
Featured image via Neat
