Rapyd, a fintech-as-a-service provider is expanding its small and medium business enterprises (SME) in Asia and eventually plans on doing so globally, by acquiring Hong Kong-based Neat, according to media reports. While the financials were not disclosed, Rapyd announced that by integrating Neat into their network, SMEs will be able to incorporate new businesses in minutes.
Neat provides a cross-border platform for startups and SMEs and helps them move into new markets by assisting the companies with full company incorporation, business accounts, global payment collection and disbursements and credit card-based capital expansion services. Additionally, with the help of Neat’s platform, Rapyd will also be able to streamline receivables and payables in a single venue. The feature will be first launched in the Hong Kong market and eventually in other markets too.
Joel Yarbrough, VP, Asia Pacific, Rapyd, told the media, “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.”
Rapyd provides a range of digital payments-related services for businesses, including unds collection, funds payouts, currency transfers, ID verification and card issuing. The company brings together over 900 payment methods in over 100 countries makes it uniquely suited to support entrepreneurs and SMEs that are looking to incorporate, get online, and access new markets quickly and inexpensively. Some of the major names associated with the company are 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.