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.