China-based cross-border financial account provider Neat raised $11m on Wednesday in a series A featuring payment services provider Visa and insurance firm Massachusetts Mutual Life Insurance.
The round was led by Pacific Century Group, an investment vehicle for the Li Ka-shing family, and included Dymon Asia Ventures, Linear Capital and Sagamore Investments, while Massachusetts Mutual invested through MassMutual Ventures Southeast Asia.
Founded in 2015, Neat provides small, cross-border enterprises with a unified account where they can manage financial services such as banking, company registration and payroll maintenance across multiple jurisdictions.
The funding will support international growth for Neat including regulatory submissions and customer acquisition in Southeast Asia and an increase in cross-border trade between China and Western Europe.
The company received $3m in an October 2018 round led by Linear Capital and backed by Sagamore Investments, Portag3 Ventures and Dymon Asia Ventures. The latter two had also backed a $2m round three months earlier.