HK fintech startup Neat raises $11m in Visa-backed Series A

Neat co-founders David Rosa and Igor Wos

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.