FinTech-as-a-Service company Rapyd has bought Hong Kong-based cross-border trade enabling platform Neat, for an undisclosed amount.
Under the agreement, Rapyd will integrate Neat into its global payments network to boost its small and medium business (SMB) trade capabilities across Asia and rest of the world.
The integration will enable the firm to take in new companies in minutes, streamline receivables and payables in a single venue in Hong Kong.
The company plans to expand these capabilities to other ‘trade-friendly’ markets in the future.
It will also allow Rapyd real-time high-value payments in Hong Kong trough FPS, CHATS, and SWIFT facilities and enhance payments to suppliers across Greater China.
Besides, the firm will be able to leverage virtual and physical Visa cards to enable smart business and employee spending.
Furthermore, the integration will help Rapyd offer fast working capital to eligible businesses through an in-wallet credit line.
Neat offers services such as company incorporation, business accounts, global payment collection and disbursements, in addition to credit card-based capital expansion services.
The business caters to SMBs as well as startups.
Rapyd Ventures managing director and vice president of Asia Pacific Joel Yarbrough said: “As SMBs need to go digital and globalise 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.”
The acquisition of Neat comes a few months after Rapyd’s $300m Series E funding round.
The firm raised $300m in Series D fundraising this January to enable its growth in the global payments sector.
Commenting on the latest deal, Neat CEO and co-founder David Rosa said: “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 realise their own ambitions, regardless of their location or wherever they see business opportunities across the globe.”