Hong Kong-based financial technology (fintech) startup Neat announced Wednesday that it has secured $11 million in its Series A funding round led by Pacific Century Group, with participation from Visa, MassMutual Ventures Southeast Asia, and other investors.
Neat said its seed investors – Dymon Asia Ventures, Linear Capital and Sagamore Investments – also participated in the latest funding round. As part of the investment deal, Neat and Visa have entered into a strategic partnership that will see the fintech startup issuing Visa credit cards targeting cross-border SMEs.
The fintech startup said it will use the fresh funding to further its international expansion. The firm is set to kick-off local operations in Western Europe. It also opened an office in Shenzhen last year.
Additionally, Neat said it will further invest in customer support and continue to develop its customer acquisition channels across Southeast Asia.
Neat offers digital business accounts that are an alternative to the brick-and-mortar banking model. Users get dedicated HKD, USD, GBP and EUR accounts, the ability to receive and send payments globally and unlimited corporate cards for online and offline spending and ATM withdrawals.
“There is a clear demand for better financial products for SMEs, especially when it comes to cross-border payments and trade, and we’re confident that Neat’s passionate and innovative team will deliver,” said Ryan Collins, Managing Director of MassMutual Ventures.
The startup, co-founded by David Rosa and Igor Wos, raised $2 million in July 2018 from Singapore-based Dymon Asia Ventures and Canada’s Portag3 Ventures. It secured another $3 million from China-based early-stage venture capital firm Linear Capital.
“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. Corporate credit cards, for example, can be incredibly difficult for young businesses to get,” said David Rosa, CEO and Co-Founder of Neat.