Investments

Hong Kong's SMB FinTech Neat Nets $11M

Neat has netted $11M in a funding round

Hong Kong-based finance startup Neat has closed a Series A funding round and come away with $11 million, according to a press release.

Pacific Century Group (PCG) led the round, while Visa and MassMutual Ventures Southeast Asia were among the other investors.

The company's goal is to offer smart financial tools to small- to medium-sized businesses (SMBs), including multi-currency accounts that customers can open quickly, corporate expense cards, and the option to send and receive money from anywhere in the world.

Neat has also partnered with Visa, the release stated, and will begin issuing Visa cards to cross-border SMBs.

But Neat also focuses on other applications to enhance the uses of payroll, accounting, logistics and other kinds of software. The ultimate goal for Neat is to allow customers to run a business easily and without stress, the release stated.

The money from this funding round will enable Neat to further international expansion. The press release stated the company has opened an office in London, intending to begin operating in western Europe and help European businesspeople trading with China. The company opened an office in Shenzhen last year, which focuses on Chinese exporters.

The company plans to invest more in customer support, expand its customer base in Southeast Asia, and add more regulatory licenses around the world.

David Rosa, CEO and co-founder of Neat, said he intends to create a "truly global solution" for those looking to trade around the world. He said he hopes to be able to service clients of all sizes, and the partnership with Visa will be a boost for the company.

In other Visa-related news, the coronavirus has taken its toll on the credit card giant, which said it expects lower revenues going forward due to declining rates of travel and spending as the virus continues to affect modern life.

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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