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NEO moves out of the red

NEO moves out of the red

NEO, the Barcelona-based cross-border payments and FX fintech, has reached profitability three years after launch.

The firm, which provides a one-stop-shop multi-currency account for corporate treasurers, recorded an annual revenue in excess of €5 million and an annual profit of €1 million. It also saw cleared volume double in just under a year, reaching over €7 billion in 2023.

NEO's multi-currency account provides FX corporate risk management, cross-border payments in 25 currencies, multi-currency IBANs, cash-flow management and payments data analytics.

The company is working with more than 300 corporates across 28 countries and more than 8,000 banks are connected to its Bank Identification Code (BIC) on the Swift network.

Laurent Descout, co-founder and CEO of Neo, comments: “Turning Neo into a profitable fintech was our main objective for 2023 and achieving this just three years after the launch of our multi-currency accounts positions Neo as a sustainable business. This helps us stand out against some VC-backed fintech players which have struggled with a lack of profitability.”

Learn more about payments at NextGen Nordics on the 23 April 2024.

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