Founder: Laurent Descout
Neo is a treasury management, payments and FX fintech that was founded in 2017. In September, Neo launched their IBANs, aimed at Small and Medium Enterprises (SMEs) with the aim of providing an accessible, one-stop shop for treasury functions that is accessible for SMEs. Their platform also addresses a number of pain points in the industry.
Neo provides users with fully registered International Bank Account Numbers (IBANs) from which they can complete payments in over 30 currencies. While traditional banks often take weeks or even months to set up multi-currency business accounts, a client can be up and running on Neo within 48 hours, even while working remotely.
Additionally, it allows corporate treasurers to freely navigate between different currency-denominated accounts through a single dashboard, with access to real-time cash management, personalised data and detailed analytics. It also offers FX execution capabilities for spot, forwards, swaps and options in up to 80 currencies for hedging and risk management purposes.
Another key feature of Neo’s multi-currency account is its low fees. Treasurers are accustomed to paying sizeable commissions and rates that are significantly higher than interbank rates. Neo charges average trading fees between 0.05% and 0.25%. This compares to a typical rate of 1% to 3% charged by many banks.
Finally, at a time when finance teams are increasingly managing their cash flows, making international payments and collections from their own homes rather than on company servers, ensuring security is also vital. With full connectivity and membership of SWIFT, payments made through Neo are easily and securely tracked, providing users with transparent and auditable histories.