Hong Kong-based Neat nets $11m Series A round

FinTech startup Neats has its mind set on upping its cross-border transaction service for SMEs after raising $11m in a series A round.

Private investment group Pacific Century Group led the round, according to TechCrunch. Payment giant Visa, insurer MassMutual’s investment arm, holding company Asia Ventures, venture capital firms Linear Capital and private equity firm Sagamore Investments also participated in the raise.

The round brings the total raised by Neat to $16.5m. Neat raised $3m and $2m in two different rounds in 2018.

The venture will use the money to expand its account services for SMEs, focusing especially on Southeast Asian companies trading with European businesses.

Alongside the raise, Neat also unveiled a strategic partnership with Visa, which will enable it to start issuing Visa credit cards to SMEs and startups within the next few months.

“We’re proud to support Neat in the company’s vision to support entrepreneurs,” said Ryan Collins, managing director at MassMutual Ventures. “There is a clear demand for better financial products for SMEs, especially when it comes to cross-border payments and trade, and we’re confident that Neat’s passionate and innovative team will deliver.”

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