Rapyd, a global Fintech-as-a-Service company has agreed to acquire Hong Kong-based
Neat, a cross-border trade enabling platform for SMBs and startups. Neat provides full company incorporation, business accounts, global payment collection and disbursements, as well as credit card-based capital expansion services. Terms of the deal were not disclosed, and it is subject to regulatory approval.
By integrating Neat into the Rapyd Global Payments Network, small and medium businesses will be able 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
Rapyd's expertise in delivering fintech services at scale coupled with its global payments network that supports more than 900 payment methods in over 100 countries and global payouts in over 200 countries makes it uniquely suited to support entrepreneurs and Small and Medium Businesses (SMBs) looking to incorporate, get online, and access new markets quickly and inexpensively. Its easy-to-use API-based platform simplifies complex cross-border payments processes which are critical for businesses looking to engage in global trade. 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.
Joel Yarbrough, Managing Director of Rapyd Ventures and Vice President of Asia Pacific, commented on the acquisition, stating: "Neat has enabled thousands of businesses to intelligently manage their trade flows and working capital, through fast incorporation, virtual accounts, payables, and spend management. As SMBs need to go digital and globalize at an even faster rate due to the pandemic, together Neat and Rapyd can help businesses everywhere sell their goods and services in new markets with less complexity, flatten FX fees, to unlock revenue and growth potential that would otherwise be inaccessible to them."
David Rosa, CEO and co-founder of Neat, commented further about the acquisition, stating: "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."
