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Hong Kong-based fintech Neat secures $11 mn funding to fuel expansion

Neat funding

Hong Kong-based fintech startup Neat has secured around $11 million in a fresh funding round, the media reported. Neat will use the funds to enter new markets.

Investors who took part in the funding round for Neat include Pacific Century, Visa, Dymon Asia Ventures, Linear Capital, Sagamore Investments  and the newly launched MassMutual Ventures Southeast Asia.

Neat co-founder and chief executive David Rosa told the media, “Neat is serving entrepreneurs around the world that trade with Asia. Before they may have fitted visits to the bank into their business trips to Hong Kong, this is no longer an option.”

He further revealed that Neat is looking to further digitalise its operations despite the global slowdown caused by the coronavirus pandemic.

Neat helps small and medium-sized enterprises (SMEs) open multicurrency business accounts and assists with company incorporation. By using its platform, businesses are able to send and receive money globally at more competitive exchange rates. It also provides corporate expense cards for online and offline spending.

David Rosa added, “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. 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.”

The startup opened an office in Shenzhen last year to target Chinese exporters. It has also set up an office in London and is expected to start operations soon.

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