Fintech Startup Neat Hauls In US$11M Series A

Fintech Startup Neat Hauls In US$11M Series A

The funds will be worked into expansion plans as improved support for existing customers

Fintech company Neat raised $11 million in a Series A led by Asia-based private investment group Pacific Century Group, the company announced in a statement on Wednesday.

The round saw also saw participation from Visa, MassMutual Ventures Southeast Asia, and Neat’s seed investors, Dymon Asia Ventures, Linear Capital, and Sagamore Investments.

The funding will fuel the Hong Kong-based banking alternative startup’s international expansion, the statement added. Having opened a London office earlier this year, the expansion plan includes kickstarting local operations in Western Europe to facilitate trade between European and Chinese entrepreneurs.

Iris ten Teije, Neat’s General Manager for Europe, tells Jumpstart, “China is Europe’s 2nd largest trading partner, and there are hundreds of thousands of European SMEs that trade with Asia. Neat is here to remove frictions for international entrepreneurs and enable them to trade globally.”

Neat plans to leverage virtual events and strategic partnerships for its customer acquisition plans in Southeast Asia, ten Teije adds.

Ryan Collins, Managing Director of MassMutual Ventures said in the statement, “There is a clear demand for better financial products for SMEs (small and medium enterprises), especially when it comes to cross-border payments and trade, and we’re confident that Neat’s passionate and innovative team will deliver.”

The capital will also be invested in round-the-clock customer support, developing its customer acquisition channels, and procuring regulatory licenses across the globe, the company said. A company blog post also said that Neat was working towards business development in Southeast Asia.

“This capital injection is going to power our growth in enabling young SMEs to operate smoothly between Europe and Asia,” said David Rosa, CEO and Co-Founder of Neat.

Neat focuses on making cross-border business accessible and effective for younger or smaller businesses through fintech solutions. It has a customer base of over 500 million startups and SMEs, and provides solutions such as multi-currency business accounts, corporate expense cards, and global money transfers to entrepreneurs, according to the company.

“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,” Rosa added in the statement.

The company recently announced that in addition to participating in the Series A, Visa will be also partnering with Neat to provide credit cards for cross-border SMEs in the next few months. The credit card can be availed by companies of all sizes, Neat noted in the blog.

Header image courtesy of Neat.

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email
Sharon Lewis
Sharon is a Staff Writer at Jumpstart

RELATED POSTS

Top 5 NFT Scam

Top 5 NFT Scam

From art pieces like EVERYDAYS: THE FIRST 5000 DAYS by Mike Winkelmann to cryptopunks and memes like Side-eyeing Chloe, the popularity of Non-Fungible Tokens (NFT) has been on the uptick. They have also been blowing up in value in 2021. NFT sale volumes have surged eightfold, reaching US$10.7 billion in the third quarter of 2021.

What Brands Must Know About China’s Evolving Millennial Buyers

What Brands Must Know About China’s Evolving Millennial Buyers

Earlier this year, climate activist Greta Thunberg called out fast fashion consumers during an interview with a fashion magazine. She said, “If you are buying fast fashion, then you are contributing to that industry and encouraging them to expand and encouraging them to continue their harmful process.”

What Is Femtech and Are Femtech Companies on the Rise

What Is Femtech and Are Femtech Companies on the Rise?

Women’s needs have been largely neglected for years. They get fewer job opportunities, excessive household work, subpar pay and little healthcare attention. Well, no more. The rise of FemTech startups (largely women-run) is changing the healthcare landscape for women. As per a report by CBInsights, FemTech will be worth US$50 billion by 2025. So, what is FemTech, and how can you get started?

Workplace

The Power of Introverts at the Workplace

Psychologist Carl Jung describes introverts as people whose interests are directed inwards and towards their own thoughts or feelings. They typically struggle to adjust to social settings and are perceived as being reserved. Thus, at a workplace, the introvert might come across as a quiet or unsociable person and end up unnoticed, no matter how big their contributions might be.