INSUBCONTINENT EXCLUSIVE:
With the growth in cross-border payment services and ‘challenger& bank cards for consumers, you&d be forgiven for wondering where the
options are for small business — where cash is particularly precious.
They do exist.One of the newer options is Neat, which is nested in
Hong Kong but open for business worldwide.
The startup started off following the same track as the likes of Monzo, Starling and Revolut in
Europe, developing a ‘new& kind of accountfree of branch-based banking and tedious paperwork
But quickly the team realized that its service was being adopted in large by startups and SMEs as a way to get more flexible financing and
perks like install balance/billing.
Neat still offers a consumer service in Hong Kong, but it places aheavy focus on developing its business
Right now, that helps companies who can''t apply for credit cards get a Neat Mastercard which can be used for trivial (but important!)
items such as monthly bills for services, flights, hotels and more
There no credit involved since the cards and account are debit-based.
Beyond the basics,Neat Business customers can use their account to
handle employee payroll, business invoices, receive money and really pay all other bills that would require a credit card without using
their personal one, as is so often the case for early-stage startups
More advanced features include expense cards for employees, while detailed company reporting and automated accounts are planned for
introduction soon.
The company is based in Hong Kong, but Neat service can be used overseas, and indeed it already is.
Co-founder and
CEODavid Rosa, a former managing director of Citi Bank Asia Pacific, told TechCrunch that the company has customers in over 100 countries
since account holders don''t need to be resident in, or incorporated in Hong Kong, to qualify for the service.
That said, a large portion is
based in or associated with Hong Kong as it stands today, but Rosa — who started the business in 2015 alongside CTOIgor Wos — said he
wants to change that and grow the userbase globally
The fact that Neat is working on introducing multi-currency solutions, as well as accountancy software integrations,is sure to help widen
its appeal to those based outside of Hong Kong.
(Left to right) Neat co-founders Igor Wos (CTO) and David Rosa (CEO)
In a
furthervalidation, Neat recently snagged $2 million in funding to develop its tech and increase marketing
Those investors included Singapore Dymon Asia andPortag3 Ventures, which is the VC arm of Canada-based Power Corp, a public
listedinternational management firm with a market capof $9 billion
The Neat deal represents thePortag3 Ventures& first investment in Asia and its CEO is bullish on how the duo can work together.
From Hong
Kong, we can reach the world
There a lot to be done here especially because of the China angle,& Rosa, who has lived in Hong Kong for 17 years, said.
