HongKong based challenger bank,Neat raised $3M in venture capital funding

by anne jane in funding on 25th October 2018

Neat, a Hongkong based bank was incorporated in 2015. It offers and develops a finance application through which the subscribers can open current accounts through mobiles. This offers a MasterCard which provides payment options in different currencies at online without the need of traditional merchants throughout the world.

It is one of the user-friendly current accounts for the businesses. It uses modern technology to operate through mobile. It provides an answer to the query of paying the invoices through e-commerce platforms like Amazon, PayPal, Stripe,  and more. Employees can send their money to bank accounts from around the world, to Hongkong directly from their business dashboard. Having said that, this dashboard manages the finance, pay invoices, Neat personal products, which includes mobile current account, MasterCard and ATM card for withdrawing cash, and for shopping, dedicated current account, send their money online.
It allows FPS integration which makes instant and free 24/7 payments from any bank in Hongkong. Every other bank has already implemented this. Neat is in the initial stage of development and is serving smaller fragmented segments in Asia via HongKong
Thus Neat provides solutions to a mobile current account who are underbanked users and have companies in Asia.

Venture Capital-Funding

Neat recently i.e, on Oct 23, 2018, has raised a funding of $3M from a Venture series Unknown round. A venture round is a kind of funding in Venture capital financing. Through this startup companies secures investment from institutional investors and venture capitalists.  In July 2018 it raised the first round of funding which amounts to $2M. In total, this funding amounts to $5M.China-based company VC Linear Capital leads the new round. The participation for this is from the existing investors Portag3 Ventures and Dymon Asia Ventures and Hongkong’s Sagamore investments. Through its funding, Neat is planning to expand its business even in China.

Spending and Managing the money

Neat card is best while traveling. Users can do their shopping with the prepaid MasterCard, offline, or online and receive the best exchange rate from around the world. Users can always check their spending nature. Of course, there will be a surprise bill for credit cards usage. The account is fully mobile. Users need not spend time visiting a bank or filling the forms. Neat allows managing the finances from anywhere through an app.

Safety of Neat card


The first question, which comes to mind while investing is about the security of the money. And of course, with Neat, it’s always a Yes. HHKMA’s SVF license requirements regulate Neat. According to this regulation, there should be a segregated bank account. Neat’s segregated bank account is at ICBC-Asia, the subsidiary of HongKong’s ICBC, the largest bank according to its assets. When it comes to a Neat card, all the transactions are done by MasterCard network and safeguarded by MasterCard standards.

An easy way of Account opening

It takes only 10 minutes to open a free Neat current account. Through this one can make access to the Neat MasterCard and Neat App and can spend money from any location. But, for withdrawal, it charges 2% of the transaction fee. For Neat prepaid, they charge 7.65 USD. To open an account, no need of any address proof or any salary statement or any need of credit history. It’s perfectly okay if the user is new to HongKong and have hassles of getting a card.

Conclusion

Neat provides a solution to every individual or a professional. It is a bank which provides solutions to SMEs who are planning to set up a business in HongKong. The MasterCard which it gives is a well-suited to every individual. They can spend their money and manage them from different countries. Moreover, With this venture fundraising activity, this can expand its business to other regions. Having said that, it can fulfill its aim of promoting its business in China and looking for options. Neat can be a secured option for Chinese startups that are aiming to start their business globally.

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