Neat, which is a fintech alternative to banks, said the funding round was led by Pacific Century Group, the private investment group founded by Hong Kong billionaire Richard Li, and participated by Visa and MassMutual Venture Southeast Asia.
Existing investors Dymon Asia Ventures, Linear Capital, and Sagamore Investments also participated in the funding round, the startup said.
The venture capital funding will finance Neat’s international expansion to support businesses that trade across borders. The startup will also kick-off local operations in Western Europe to serve the other side of the market.
Additionally, the new investment will be used to update the company’s customer support and develop its customer acquisition channels across Southeast Asia. Neat will also be pursuing relevant regulatory licenses around the world to fuel its business growth.
As part of the Series A investment, Neat and Visa have entered into a strategic partnership, and in the next few months, Neat will begin issuing Visa credit cards aimed at cross-border SMEs.
“Our goal is to offer a truly global solution for businesses that trade across borders, regardless of their size or how long they have 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.
Neat’s vision is to enable the entrepreneur economy, starting with multi-currency business accounts that can be opened online with a 15-minute application, corporate expense cards, and the ability to send and receive money globally.
“This capital injection is going to power our growth in enabling young SMEs to operate smoothly between Europe and Asia. The success of this round has been a clear endorsement that we are headed in the right direction,” Rosa added.
MassMutual Ventures managing director Ryan Collins said there is a clear demand for better financial products for SMEs, especially when it comes to cross-border payments and trade.
“We’re proud to support Neat in the company’s vision to support entrepreneurs,” Collins said.