Hong Kong digital bank Neat scores $2m funding boost

Hong Kong digital bank Neat scores $2m funding boost

Fresh off a US$2 million funding round, Hong Kong-based digital banking startup Neat has launched its first product for small businesses.

Singapore-based investor Dymon Asia Ventures and Montreal's Portag3 Ventures have put money into Neat, which was co-founded by former Citibank veteran David Rosa.

Neat launched its personal banking service last year, offering a smart budgeting and savings app with a companion card, using facial recognition technology to authenticate customers at log-in.

The firm is now making a play for SMEs and entrepreneurs. A beta period has already seen customers in more than 100 countries sign up for Neat Business but now the latest capital injection will be used to accelerate onboarding, as well as bring in more talent.

Neat Business offers a multi-user business account - accompanied by Mastercard debit cards - that provides businesses anywhere in the world with a dedicated Hong Kong bank account number.

Signup takes 10 minutes, after which customers get access to a dashboard providing a simple overview of the state of all finances, and features mechanisms for receiving payments, payroll and expense management. Users can also make payments to more than 60 countries at the click of a button.

Says Rosa: "Neat is committed to meeting the financial needs of an increasingly mobile and digital workforce. Thanks to our investment partners we can continue to address issues faced by early-stage and non-traditional businesses when they deal with traditional banks."

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