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

RELATED POSTS

Top Must-Follow Productivity Influencers in 2023

Top Must-Follow Productivity Influencers in 2023

Productivity is a key aspect of success in today’s fast-paced world. Being productive enables individuals to balance their work and personal lives effectively while accomplishing their goals efficiently. To help you stay on track and reach your full potential, we’ve identified top influential productivity experts who provide valuable insights to maximize your efficiency in 2023.

What Can Drones Be Used For, and Do They Have a Future?

What Can Drones Be Used For, and Do They Have a Future?

In January 2023, Australian soldiers used drones to search for a missing woman. The drones helped them reach areas that might have been too challenging for a human to enter. For the past few years, the drone economy has been booming. Global investments in the industry amount to US$1.15 billion, with China leading the market.

2022 FIFA World Cup

The Most Controversial VAR Decisions at the 2022 FIFA World Cup

The footballing world has welcomed many new technological developments in recent times. Its goal is to make decision-making more accurate and provide a better experience for players and fans alike. These technologies include the video assistant referee (VAR), semi-automated offside technology (SAOT) and sensor-equipped footballs, all used extensively during the 2022 FIFA World Cup in Qatar.

Self-funding Your Startup? Follow These Expert Tips from Proven Entrepreneurs

Self-funding Your Startup? Follow These Expert Tips from Proven Entrepreneurs

Starting a new business can be an exciting and challenging endeavor, with securing funding being one of the biggest obstacles. Traditional funding options, such as venture capital and angel investing, can be time-consuming, especially for new and untested businesses. In such cases, self-funding, or “bootstrapping”, might be a viable option.

Navigating Ghost Job Postings: How to Avoid Them

Navigating Ghost Job Postings: How to Avoid Them

Job searching can be a daunting task, especially with the risk of encountering scams or fraudulent job postings. Ghost job postings, which refer to open job positions that are not actively being filled, are a common issue that jobseekers should be aware of. According to a survey by New York-based financial consultancy Clarify Capital.

Can AI Help You Flirt Better

Can AI Help You Flirt Better?

“Excuse me, but I think you dropped something: my jaw.” This is the pick-up line the famous artificial intelligence (AI) chatbot ChatGPT dished out when we asked for some viable options. Not the most original, sure, but not bad for a trained algorithm.