The proceeds will be used to boost onboarding and hiring processes.
Hong Kong digital banking alternative Neat closed US$2m funding round from Singapore-based Dymon Asia Ventures and Portag3 Ventures as it aims to jumpstart onboarding and hire tech talent for its mobile banking solution.
Founded in 2015 by former Citibank Asia Pacific managing director David Rosa, Neat provides businesses with a flexible alternative from tedious paperwork and long waiting times associated with obtaining financing support from traditional banks.
To provide credit for cash-strapped SMEs, the startup has developed Neat Business that provides businesses with a dedicated Hong Kong bank account number and a Mastercard debit card which can be used to pay for items like bills, services, flights, and hotels. Customers can also link to third-party services such as Stripe or PayPal and deposit cash and cheques.
Neat customers also get access to the fintech’s comprehensive dashboard which provides a comprehensive overview of the state of their finances and features mechanisms for employee payroll, business invoices, expense management and monthly payments all through the click of a button and without having to resort to using a personal credit card.
All banking services are done within the app. The company is also aiming to introduce more advanced features including detailed company reporting, automated accounts, and multi-currency solutions in the coming years.
“Neat is committed to meeting the financial needs of an increasingly mobile and digital workforce. Thanks to our investment partners we can continue to address issues faced by early-stage and non-traditional businesses when they deal with traditional banks,” Rosa added.
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