Israeli global Fintech-as-a-Service company, Rapyd announced today that it has completed the acquisition of Hong Kong-based Neat, a cross-border trade enabling platform for small and medium businesses and start-ups.
Rapyd is focused on helping businesses create great local commerce experiences anywhere. The company develops technology designed to remove the back-end complexities of cross-border commerce while providing local payment expertise. Essentially, their platform allows companies to seamlessly embed localized FinTech and payment capabilities into their applications. Its API-based platform simplifies complex cross-border payments processes which are critical for businesses looking to engage in global trade.
They also developed a Global Payments Network which enables businesses to access the world’s largest local payment network, with over 900 locally preferred payment methods, including bank transfers, eWallets, and cash in more than 100 countries. It hosts global payouts in over 200 countries making it uniquely suited to support entrepreneurs and small and medium businesses looking to incorporate, get online, and access new markets quickly and inexpensively.
Recently, Rapyd made headlines when it raised $300 million in a Series E funding round at a $10 billion valuation. So far, they have raised $778 million.
Neat, founded by David Rosa (CEO) and Igor Wos (CTO), is similar, in that it makes the world of trade more accessible for entrepreneurs, small and medium enterprises and ambitious young companies; it was built for the new economy – where borders are disappearing and it’s easier than ever to start a global business. Their services allow businesses to scale up, as it is simple to set up and manage, 100% online, and easy to collect payments in multiple currencies including USD, HKD, GBP, and EUR. It offers fast, easy, and cost-effective transfers to bank accounts locally and in over 35 countries. With the acquisitions, Neat's services, capabilities, and licenses will be integrated into Rapyd's platform to provide an online global trade solution with maximized optimization.
Arik Shtilman, CEO and co-founder of Rapyd expressed, "Completing the acquisition of NEAT represents a significant step forward in expanding our platform's global capabilities for small and medium businesses. As such businesses 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."