Neo disclosed today that it has successfully cleared over €10bn through its innovative corporate multi-currency accounts since its inception in 2020.
This announcement underscores the escalating demand from corporations seeking alternatives to conventional banking partners.
The firm, offering a comprehensive one-stop-shop account tailored for corporate treasurers, has witnessed its cleared volume magnificently double in less than a year, hitting €5bn in 2023 alone. The majority of enterprises lean on conventional banking for their FX and payment needs. However, the banking crisis spotlighted the inherent risks associated with reliance on a limited number of banking partners, prompting three-quarters of treasurers to contemplate diversifying their banking relationships.
Neo has capitalised on this diversification trend and the longstanding challenges encountered with traditional banks, attracting new clients and enhancing volumes from existing ones. The company’s evolution from a platform primarily offering FX hedging to a global one-stop-shop has been instrumental in addressing the multifaceted needs of businesses. With Neo, businesses can effortlessly set up an international account, obtain a multi-currency International Bank Account Number (IBAN), and manage transactions in over 25 currencies, all underpinned by transparent pricing and expert support.
In terms of expansion, Neo currently collaborates with more than 400 corporate entities across 28 countries and facilitates payments in over 100 countries. An impressive network of more than 8,000 banks is accessible through its Bank Identification Code (BIC) on the Swift network, supporting a diverse range of industries including export-import, software, asset management, payment services, and alternative lending.
Highlighting the significance of this development, Neo co-founder and CEO Laurent Descout said, “Accessing multi-currency accounts has literally become impossible for too many corporates across many different industries. This has been a problem for more than a decade and while the global B2B cross-border market is estimated to exceed $250 trillion by 2027, there are no signs of this getting any better.
“Neo is tackling this issue head on and doubling our transaction volumes in under a year is a clear mark of trust from both new and existing clients. It rewards years of work from all the Neo team to offer a seamless corporate experience alongside first-class client support. Reaching this milestone demonstrates the scalability of our proprietary core banking system technology which is machine-tooled to satisfy the growing complexity faced by international treasury teams.”
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