Digital Banking Provider Neat Secures US$3M Funding Led By Linear Capital
Neat Provides A Significant Boost To International Trading For Chinese Businesses
Hong Kong, October 23, 2018 – Neat, a Hong Kong-based fintech company, today announced a US$3 million funding round led by China-based venture capital firm Linear Capital, an early stage venture focusing on data-driven startups. This brings the total funding raised by Neat this year to US$5 million. Existing investors including Dymon Asia Ventures and Portag3 Ventures also participated in the latest round, as well as Hong Kong-based Sagamore investments.
For the growing number of Chinese companies that expand internationally Hong Kong is a logical choice of jurisdiction for incorporation and a natural launchpad for their global ambitions. For any business going global opening a bank account abroad can be a challenge. Neat offers a superior, faster and more flexible alternative to a traditional corporate bank account for companies to seamlessly establish their business in the global market.
“We are excited to make our Neat Business product available to Chinese customers who are looking for a Hong Kong-based solution to help realize their global ambition," said David Rosa, CEO, and Co-Founder of Neat. “Today we are seeing more enterprises – new and established – from China venturing beyond their domestic market and Neat is perfectly positioned to offer this growing group of businesses financial access and the ability to expand their footprint globally.”
“We are noticing growing gaps in China where businesses looking to expand their reach globally are finding it a challenge to do so as traditional banks are not fully serving their needs,” said Finnovasia’s CEO Anthony Sar, organizer of Asia’s largest fintech conference Hong Kong FinTech Week, which for the first time involves both Hong Kong and Shenzhen. “Fintech plays an important role in narrowing the gap and Neat in particular understands the needs of these businesses, offering a highly innovative, flexible and agile digital solution that works for them.”
Neat will use the new capital to accelerate the release of new products and grow the team. Neat will leverage Linear Capital’s expertise in data science and tap into the Linear team’s deep expertise and wide network in the China market.
“The digital revolution is transforming today’s business environment and the financial services industry is no exception. Neat comes into the equation with an essential and convenient solution for Chinese businesses which are looking to go international” said Harry Wang, CEO, and Founder of Linear Capital. “We are thrilled to be able to support Neat in growing its presence with Chinese customers and look forward to leveraging the company’s strong fintech background coupled with its solid Know Your Customer (KYC) solution to serve the needs of young enterprises in China.”
Neat already has customers in more than 100 countries, delivering a fully digital alternative to a traditional corporate bank account.
Neat Business offers a multi-user business account - accompanied by Mastercard debit cards that provides businesses around 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 their finances and features mechanisms for making and receiving payments, payroll and expense management. In addition, Neat’s customers can also make international transfers to more than 60 countries at the click of a button.
David Rosa will be delivering a keynote address and participating in an interactive discussion on the topic of “The Rise of Challenger Banks” at the 2018 Hong Kong Fintech Week powered by Finnovasia. The session will be on Wednesday, 31 October from 3.40 p.m. to 5.15 p.m. at the Hong Kong Convention and Exhibition Center. Neat will also be exhibiting at booth B120 on 31 October and 1 November. Product demos and immediate account sign-ups will be available onsite.