Hong Kong challenger bank Neat bags funding from Dymon, Portag3

Hong Kong-based digital bank Neat has closed an undisclosed round of funding from Dymon Asia Ventures and Portag3 Ventures.

While it is unclear what the deal was valued, DealStreetAsia reports it was $2m.

This capital injection will be used to support the next wave of growth for Neat, which will include the launch of new features and tools. It will also look to bolster its team with some new hires.

Alongside the funding round, the company has launched Neat Business, a banking current account for businesses. The platform aims to help entrepreneurs, startups and SMEs to better manage finances and keep accounts in a single location, so they can focus on growing their company.

Its new service provides businesses with a Hong Kong bank account number to receive payments from customers and disbursements from e-commerce. Expense cards are also available, enabling all employees to make business transactions with each having individually set spend limits and payment monitoring. All transactions are automatically recorded to remove the need of keeping receipts.

Features Neat is looking to implement include reporting functions and tools to automate the accounting processes.

Founded in 2015, the company 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 week, Fellow challenger bank Gjensidige was acquired by Nordea Bank, in a deal worth €578m. The Norwegian bank has merged with Nordea, and sees the a ‘long-term strategic mutual distribution; co-operation with Gjensidige in Norway.

Copyright © 2018 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.