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23
Oct

Challenger bank Neat closes funding hot off the heels of its previous round

Hong Kong-based challenger bank Neat has closed a $3m investment round, just months after closing its previous investment.

This new batch of equity was supplied by Linear Capital and Sagamore Investments. Neat’s existing investors Dymon Asia Ventures and Portag3 Ventures also made renewed commitments to the company.

Following this new investment, Neat has raised a total of $5m this year. In July, the challenger bank received an investment from Dymon Asia Ventures and Portag3 Ventures, which was allegedly valued at $2m.

Founded in 2015, Neat is an online banking platform available through smartphone devices. The free-to-use app, available on Android and iOS, uses identity verification, but does not need proof of address, credit history or a salary statement to set up, helping those new to the country or banking.

Its services, which include a physical MasterCard, can be used around the world and in 50 currencies, and lets users receive payments and their salaries, as well as transferring funds to others.

Earlier in the year, the bank launched Neat Business which is a current account for businesses and helps them better manage finances and keep their accounts in a single location.

Through the new line of funding, Neat is looking to accelerate the launch of new product features and hire more staff to its team. The company is also looking to expand into the Chinese market and will use the capital to prepare for this launch.

In a blog post regarding the new investment the company said, “Hong Kong is a logical choice for Chinese companies to set up and launch their international trading, and we believe we are well positioned to support these entrepreneurs in growing their international business.”

The company is currently hiring across all of its departments and is also looking for a development specialist to aid its growth in China.

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