Neat, a Hong Kong-based fintech company, have raised $3 million USD in a funding round led by Chinese venture capital firm Linear Capital. The funding comes as they seek to move in on the mainland Chinese market.
Neat are fully digital and offer digital banking and prepaid cards for individuals and small businesses. Their products target the “unbanked” population, which includes new residents and those without credit history. Similar ventures in the UK include Monzo, Starling Bank and Revolut.
While Neat claim to have Business customers in 100 countries, the focus will be on China.
“With this new investment, we’re ready to take on the Chinese market,” said their statement. “Today we are seeing more young enterprises from China venturing beyond their domestic market and we are excited to make our Neat Business product available to them.”
Neat have raised a total of $5 million in funding so far this year.