Global FinTech-as-a-service company Rapyd finalized its acquisition deal for cross-border trade enabling platform Neat, which specializes in assisting small- to medium-sized businesses (SMBs) and startups, according to a press release on Monday (Jan. 31).
Rapyd’s worldwide payments network supports over 900 payment methods across more than 100 countries and global payouts in over 200 countries. The company supports SMBs and entrepreneurs with incorporating, establishing an online presence and tapping new markets. Its API platform simplifies complicated cross-border payments for companies seeking to do business in global trade.
Neat’s offerings will be integrated into Rapyd’s platform to offer SMBs a seamless digital global trade tool that’s optimized for the needs of new and growing companies. The integrated platform will offer streamlined receivables and payables, starting with Hong Kong and expanding to other markets worldwide.
See also: Shopping App Nate, FinTech Rapyd Team on eCommerce Platform
“Completing the acquisition of NEAT represents a significant step forward in expanding our platform’s global capabilities for small and medium businesses,” said Arik Shtilman, CEO and co-founder of Rapyd.
“As SMBs have evolved into increasingly complex and ambitious enterprises, the tools they require must advance as well in order to keep pace with the demands of this new wave of ‘micro-multinationals.’ We will continue to add more tools to our network in order to continue to support these growing businesses,” Shtilman added.
The combined entity will bring real-time payments with FPS, CHATS and SWIFT to Hong Kong, according to the press release, as well as speed up payments in China. Virtual and physical Visa cards will also be offered, and qualified companies can get a credit line for working capital.
Read more: Rapyd Streamlines B2B Payments to Distributors, Sellers and Suppliers
Launched in Israel in 2015 as CashDash, Rapyd now has headquarters in Mountain View, California; Singapore; and London. The company has been backed by Stripe, General Catalyst, Oak HC/FT, Coatue, Tiger Global and others. Following a $300 million funding round in August 2021, Rapyd was valued at $8.75 billion.
Headquartered in Hong Kong and with an office in London, Neat was founded in 2015 and has raised more than $20 million in funding. It serves over 30,000 customers and has handled over $700 million in transfers.
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