Cross-Border Payments Fintech Neo Clears €10B as Companies Seek to Expand Banking Partnerships

Neo, the cross-border payments fintech, has achieved a significant milestone by clearing over €10 billion through its corporate multi-currency accounts since launching in 2020. This achievement reflects the growing demand from businesses for alternatives to traditional banks.

The majority of businesses rely on traditional banking for their foreign exchange (FX) and payment needs. However, the banking crisis has highlighted the risks of depending on one or two banking partners. Treasurers have witnessed the liquidity issues faced by those who solely deposited funds with banks like Silicon Valley Bank. As a result, three-quarters of treasurers are considering diversifying their banking pool.

This need for diversification, combined with the historical challenges of working with traditional banks, has propelled the demand for a fast, cost-effective, and transparent one-stop-shop for treasury needs. Neo has capitalized on this opportunity, attracting new clients and increasing volumes from existing customers.

The traditional process of opening an international bank account is complex, lengthy, and arduous. Many businesses struggle to obtain an account, while those fortunate enough to acquire one face numerous operational hurdles and inefficiencies. Moreover, the lack of support from responsive cross-border payment specialists exacerbates the challenges.

SMEs face further complications as they expand and conduct business in different countries, leading to the need for multiple accounts in varying currencies. This adds a layer of complexity and delays when onboarding suppliers in different markets, which small businesses cannot afford to lose time and money on.

Neo addresses these challenges by offering a comprehensive solution. It has evolved from providing FX hedging to becoming a one-stop-shop for businesses worldwide. With their own multi-currency International Bank Account Number (IBAN), businesses can manage cash flows with their supply chains, hedge FX exposures, and access all transaction data in a single platform.

Virtual wallets enable businesses to efficiently organize funds and make and receive payments in over 25 currencies. Neo’s pricing is transparent and competitive, and clients receive professional support from their international payment specialist team.

Neo has expanded its reach and now serves over 400 corporates across 28 countries. It delivers payments in more than 100 countries, and its Bank Identification Code (BIC) on the Swift network makes it accessible to over 8,000 banks.

The fintech company supports a wide range of industries, including export-import, software, asset management, payment services, and alternative lending. Its success demonstrates the increasing demand for streamlined and efficient cross-border payment solutions in the corporate sector.

Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it

What do you think?

363 Points
Upvote Downvote

Written by editorial

Leave a Reply

Your email address will not be published. Required fields are marked *

Kraken Stays Committed to European Markets, Obtains EU E-Money License

Paymentology, Tuily Now Support Apple Pay for Small and Medium-Sized Business Credit Cards in Colombia