Neat said Tuesday (Jan. 5) that it has become a member of the Visa network and will issue its own Neat Visa card for Hong Kong-incorporated companies. The FinTech can issue its own payment offerings as a Visa member, drawing from the international network of Visa and providing an improved client experience, according to an announcement.
“Our new Neat Visa card really gives [small- to medium-sized businesses (SMBs)] the flexibility and control they need over their spending,” Neat CEO David Rosa said in the announcement. “We are proud to be helping [SMBs] and entrepreneurs grow their businesses across borders.”
Corporate cards are an essential commerce tool for those who start companies, but it can be challenging to get one. In many cases, SMBs are hampered by low spending caps, a lack of visibility of their spending information and high monthly charges. Neat said in the announcement that it wants to provide this segment, which is not well served, with a “better experience.”
Clients have increased control over their corporate finances with the new Neat Visa card, according to the announcement. They can implement instant transaction notifications, look at bolstered expense monitoring and put their own monthly spending caps into place. Moreover, the Neat Visa card offers 1 percent cash back on every purchase for clients.
“Having access to commercial cards and products should not be limited to a handful of big corporations,” Maaike Steinebach, general manager of Visa Hong Kong and Macau, said in the announcement. “The Neat Visa card can help [SMBs optimize] their cash flow and tap into Visa’s global network and other exclusive business services.”
Neat has helped over 5,000 corporate clients grow and trade in other countries as of its 2017 rollout, according to the announcement.
In April, Neat finished a Series A funding round and went away with $11 million. Pacific Century Group (PCG) headed up the round, while Visa and MassMutual Ventures Southeast Asia were some of the other backers.