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Neat secured US$2M funding and debuts “Neat Business” 

Neat, a Smart-Space FinTech company and a provider of alternatives to traditional banking, recently announced that it has secured US$2 million in funding. This fund round comes from Dymon Asia Ventures (DAV), a Singapore-based VC firm, and Portag3 Ventures, a Montreal-based early-stage fund. Neat revealed that the funds will go towards enhancing customer on-boarding, launching new product features, and hiring.

 

Neat also announced the full launch of “Neat Business”, a first-of-its-kind business product in Hong Kong that offers entrepreneurs, start-ups, and corporations an alternative to a traditional corporate bank account. It comes with a dedicated Hong Kong bank account number and MasterCard debit cards.

 

Neat Business addresses the pain points of many new companies and start-ups when they try to open bank accounts at traditional banks. They often face difficulties as they usually have a small client base and are not yet profitable.

 

Business owners using Neat Business can easily sign up for an account online and begin managing their company’s finances in ways that fit the habits of today’s entrepreneurs. They can keep track of all of their finances on a dashboard. They can make payments to more than 60 countries, receive payments, pay employees, and manage their company expenses. They can also link their accounts to third-party services, such as Stripe or PayPal.

 

David Rosa, Neat’s CEO and Co-founder, said, “we want to take away the obstacles and frictions entrepreneurs face when dealing with traditional financial institutions. We will continue to provide financial ease, flexibility, and security so that individuals and corporations can spend more time growing their businesses instead of fussing about tedious banking tasks.”

 

All of the money kept in the accounts is safely parked in segregated bank accounts at ICBC (Asia), the Hong Kong subsidiary of ICBC, the largest bank in the world measured by assets. Account opening and maintenance are free, and Neat Business charges only on transactions during the beta period.