HONG KONG and LONDON: on 8 December 2021, Rapyd, a global Fintech-as-a-Service company agreed to acquire Hong Kong-based Neat, a cross-border trade enabling platform for Small and Medium Businesses (SMBs) and startups.
Neat provides full company incorporation, business accounts, global payment collection and disbursements, as well as credit card-based capital expansion services.
Neat’s services, capabilities, and licenses will be integrated into Rapyd’s platform providing an easy-to-use online global trade solution optimized for SMBs, entrepreneurs, and growing young companies.
This acquisition will allow Rapyd customers to:
- Incorporate new companies in minutes, streamline receivables and payables in a single venue, starting with Hong Kong and soon in other trade-friendly markets around the world
- Offer real-time high-value payments in Hong Kong via FPS, CHATS, and SWIFT
- Accelerate payments to suppliers across Greater China
- Empower smart business and employee spending via virtual and physical Visa cards
- Provide eligible businesses with fast working capital through an in-wallet credit line
“Neat has been executing towards a vision of becoming the most popular payment platform for international SMBs. Joining the Rapyd family turbo-charges our capabilities and we are super excited about it. Our comprehensive business solution, high-touch support model, excellent onboarding experience and easy-to-use capabilities are an ideal complement to Rapyd’s world-class technology and global payments network. Together, this makes us a strategic partner to SMBs that want the freedom and ability to realize their own ambitions, regardless of their location or wherever they see business opportunities across the globe.”David Rosa
CEO and co-founder of Neat
Terms of the transaction were not disclosed. The transaction is subject to regulatory approval.
Zelig acted as strategic and financial advisor to Neat.
Neat makes the world of international trade more accessible to entrepreneurs, SMEs and ambitious young companies from across the globe. Its purpose-built, financial services platform enables businesses to quickly, simply and securely incorporate and open an account in Hong Kong, allowing them to receive and transfer multi-currency funds at competitive rates, issue Visa corporate cards to employees, integrate with accounting and payment gateways and more. The application process is fully online and can be completed in just 15 minutes – no paperwork, no mandatory travel, no inflated fees, high exchange rates, hefty minimum balances or lengthy waiting times. Learn more at https://www.neatcommerce.com.
Rapyd is the fastest way to power local payments anywhere in the world, enabling companies across the globe to access markets quicker than ever before. By utilizing Rapyd’s unparalleled payments network and fintech as a service platform, businesses and consumers can engage in local and cross-border transactions in any market. The Rapyd platform is unifying fragmented payment systems worldwide by bringing together 900-plus payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak HC/FT, Coatue, Tiger Global, Durable Capital, Target Global, Fidelity Management and Research Company, Altimeter Capital, BlackRock Funds and Tal Capital. To learn more about the company that is accelerating the fintech as a service revolution, visit www.rapyd.net, read our blog, or follow us on LinkedIn and Twitter.
Zelig is an independent investment banking firm focused exclusively on FinTech and related technologies. With a core team in London, New York and Mumbai, supported by a network of senior advisers around the world, we provide M&A and capital raising advice to entrepreneurs, corporates and investors globally. For more information on Zelig, please reach out to us or visit https://www.zeligfintech.com.