China’s Linear Capital leads $3m funding in HK fintech firm Neat

Neat co-founders David Rosa and Igor Wos

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.

Also Read:

Dymon Asia Ventures backs fintech startup Neat’s $2m funding round

China: Linear Venture launches $70m dual-currency startup fund

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.