Rapyd Acquires Hong Kong-Based Neat to Expand Small and Medium Business Trade Capabilities across Asia and Globally
APAC Expansion plus Greater China coverage to provide company incorporation, business accounts, credit cards, and payments services from a single platform
HONG KONG and LONDON, Dec. 8, 2021 /PRNewswire/ -- 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."
About Rapyd
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.
About 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.
Media contact:
Raanan Loew
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SOURCE Rapyd
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