Hong Kong fintech Neat snags $4m in Series A extension

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Neat, a Hong Kong-based fintech startup has announced in a press statement that it has raised US$4 million in a Series A extension round.

The startup notes that the round of funding was mainly subscribed by existing investors who are Mutual Ventures, the investment arm of Massachusetts Mutual Life Insurance Company, Pacific Century Group, Linear Capital, and angel investor Robby Hilkowitz.

Vectr Fintech, a Hong Kong-based early-stage venture firm, also participated in the round according to the statement.

This round of funding brings the company’s funding this year to US$15 million.

Neat closed a Series A funding this April in which it garnered US$11 million from a group of investors led by Pacific Century Group.

Neat is B2B banking that allows users to open business accounts for multiple currencies online, send and receive payments from different countries and apply for a corporate credit card.

Commenting on the round and explaining how the fresh funds will be used, Managing Partner at Vectr Fintech Partners, Mark Munoz said in the statement that “the new capital injection will allow Neat to double down on their customer acquisition efforts to serve more SMEs looking for a better way to manage their business finances.”

“Neat has shown great resilience and momentum throughout the current pandemic,” he also said. “The demand for online alternatives to banks has gone up, and the team at Neat has proven their ability to capture this opportunity while maintaining strong unit economics.”

 

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