China-based early stage venture capital firm Linear Capital has anchored a $3-million funding round for Hong Kong-based financial technology (fintech) firm Neat, which seeks to accelerate the release of new products and grow its team.
Neat is a mobile current account that claims to offer an alternative to the traditional banking model. Users get a dedicated Hong Kong bank account number, the ability to receive and send payments globally, and unlimited corporate MasterCard for online and offline spending and ATM withdrawals.
The latest funding round brings Neat’s total funds raised this year to $5 million. It raised $2 million in a funding round in July backed by Singapore-based Dymon Asia Ventures and Canada’s Portag3 Ventures.
In a statement, Neat said the latest round was also joined by two existing investors and new investor, Sagamore investments of Hong Kong.
“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 Hong Kong-based fintech firm said.
Neat co-founder and CEO David Rosa said more enterprises – new and established – from China are venturing beyond their domestic market to help realize their global ambition and his company is positioned to assist these firms.
Neat boats customers in more than 100 countries and claims its customers can also make international transfers to more than 60 countries at the click of a button.
“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.
Based in Shanghai, Linear Capital is an early stage venture capital firm focusing on tech-driven startups. Founded by one of Facebook’s earliest employees and first Chinese engineering manager Harry Wang, and former JD and Tmall executive Michael Zhang, Linear Capital has invested in over 50 startups in China, Silicon Valley, and Southeast Asia.