Digital Banking Provider Neat Announces US$2M Funding Boost
Hong Kong - 3 July 2018 – Neat, a Hong Kong-based digital alternative to a traditional bank, today announces a US$2M funding round from Singapore-based investor Dymon Asia Ventures, and Portag3 Ventures based in Montreal – the latter making its first investment in Asia.
Neat also announces the full launch of its ‘Neat Business’ product, an alternative to a traditional corporate bank account for entrepreneurs, startups and corporates who need a current account for their business that is dynamic and easy to use.
Neat Business follows Neat’s personal offering launched in 2017. Neat Business solves a problem faced by startups and entrepreneurs around the world who require options different from or in addition to traditional banks and corporate bank accounts.
“Neat is committed to meeting the financial needs of an increasingly mobile and digital workforce. Thanks to our investment partners we can continue to address issues faced by early-stage and non-traditional businesses when they deal with traditional banks,” said David Rosa, CEO and co-founder of Neat. “Neat Business has evolved thanks to feedback from our personal product customers and our increased understanding of the challenges faced by organisations when they are establishing business operations. Neat will continue to provide financial ease, flexibility and security so that individuals and corporates can spend more time growing their businesses.”
Neat already has customers in more than 100 countries with a new business signing up every 20 minutes. Neat’s customers include online digital businesses in the IT, e-commerce and consulting industries.
Following a successful beta period of Neat Business, Neat will use the new capital injection to focus on enhanced customer onboarding, new product features and attracting talent to the team.
“Technology has changed how we do business, which means the way business owners want to manage their company finances has changed as well,” said Chris Kaptein, partner at Dymon Asia Ventures. “We believe that Neat understands better than any team we have seen that everything in banking revolves around the customer. As a result, Neat offers a customer experience that is frictionless, digital, and delightful. We’re thrilled to support Neat on its journey to becoming an essential banking partner for startups and small businesses all over the world.”
Neat Business offers a multi-user business account- accompanied by Mastercard debit cards- that provides businesses anywhere in the world with a dedicated Hong Kong bank account number. It takes just 10 minutes for a company to complete the online sign-up. The Neat Business dashboard gives users a simple overview of the state of all finances, and features mechanisms for receiving payments, payroll and expense management. In addition, Neat customers can make payments to more than 60 countries at the click of a button.
“As an early-stage company and a not-for-profit organisation, it’s a challenge to get a bank account. Our first application to a major bank was rejected after six months of waiting,” said Billy Naveed, founder of Young Founders School, an early user of Neat Business who has held an account for four months. “We were introduced to Neat and had a bank account number and debit cards for the whole team in a week. Using Neat is enjoyable and intuitive, and it’s been critical in helping us maintain our momentum and focus on our growth.”
Neat will be exhibiting at RISE in Hong Kong at booth #B-145 on Thursday, 12 July. Product demos and immediate current account sign-ups will be available.
About Neat Neat provides an alternative to a traditional bank account for individuals, startups and SMEs. The first of its kind in Asia, Neat makes bank branches redundant and offers a radically modernised customer experience. With Neat, everything can be done online, whenever and wherever works for you.
Neat’s mission is to take away the obstacles entrepreneurs face in dealing with traditional financial institutions: the paperwork, bureaucracy and long waiting times. Neat believes in making things easier for startups and SMEs around the world.
Neat provides companies with a dedicated Hong Kong bank account number, the ability to receive and send payments globally and unlimited corporate MasterCards for online and offline spending and ATM withdrawals. For more information, visit https://business.neat.hk/.
About Dymon Asia Ventures Dymon Asia Ventures was founded in 2015 with a single mission: to partner with exceptional entrepreneurs that drive transformation in financial services. DAV is the venture capital arm of Dymon Asia Capital, an alternative investment manager headquartered in Singapore with approximately US$4.9 billion (including committed capital and notional assets) in assets under management as of May 31, 2018.
About Portag3 Ventures Portag3 Ventures is an early-stage investor dedicated to backing innovating financial services companies working to benefit all consumers. Exclusively sponsored by Power Financial Corporation, IGM Financial Inc. and Great West-Lifeco Inc., Portag3 gives new ideas a unique environment to grow. Portag3 makes longer-term commitments, and combined with its industry intelligence is an ideal partner for the ambitious and creative entrepreneur.