Railsbank, a leading UK-based global open-banking platform and Neat, an award-winning Hong Kong-based FinTech that provides an alternative to traditional banks for SMEs, have partnered to make international current accounts available to small businesses.
Together, Railsbank and Neat are placing a bid for both Pools C and D of the Capability and Innovation Fund of the RBS Alternative Remedies Package – a grant awarded to companies whose financial technology aims to serve SMEs.
Both FinTechs share a common vision that international banking should be accessible to everyone. However, global banks are opting out of providing international banking services for SMEs, so Railsbank and Neat are rising up to fill this gap and support them.
This vision is realised through this new partnership, by enabling access to the financial services all startups and SMEs need for cross-border business. The partnership starts with global access to local banking services (including debit cards) and will be expanded into other financial services including credit and insurance.
Enhanced by Railsbank’s open banking platform, which provides local access to global markets, Neat customers can now access localized bank accounts, debit cards and payment capabilities in several locations around the world. This opens doors for entrepreneurs to easily do the following for their businesses:
open domestic GBP accounts in the UK, EUR accounts in the SEPA region, US dollar accounts in the United States, and HKD accounts in Hong Kong, with domestic corporate debit cards;
incorporate legal vehicles in Hong Kong to facilitate cross-border trade with China;
break into global markets, and expand their trade with customers and partners worldwide;
automate the entire book-keeping process thanks to a deep integration with the Xero online accounting platform;
eliminate international transfer fees and charges when conducting business around the world, as well as make and accept payments in international markets instantly.
“The RBS Alternative Remedies Package is an exciting opportunity to empower new FinTech companies to create better financial services for traditionally underbanked cross-border SMEs who are also suffering the double whammy of being cut off from international banking by international banks,” said Nigel Verdon, Railsbank’s co-founder and CEO. “We’re excited to partner with Neat to give SMEs and startups access to international financial services to help them break into new markets with far less barriers.”
David Rosa, co-founder and CEO of Neat said. “Traditional banks don’t do a good job at assisting modern SMEs and startups, but we do. We’re delighted to partner with Railsbank, who not only create incredible open banking technology, but also share in our vision to support entrepreneurs. We are very excited to bring a new global dimension to startups and SMEs in the UK market.”
About the RBS Alternative Remedies Package:
The purpose of this grant is to encourage more competition for financial products and solutions aimed at SMEs. The Capability and Innovation Fund comprises a total of £425 million which is divided into four pools. More information can be found here:
Railsbank is a leading UK-based open-banking and regtech platform, dedicated to giving businesses access to global banking with 5 lines of code, via a simple API with baked-in regulatory compliance. Their mission is to deliver a seamless product to companies through a technology platform that moves past the legacy issues. This is done by bringing together banks and businesses to transact digitally and in a fully compliant way.
For more information, please visit https://www.railsbank.com.
Nigel Verdon, Co-founder and CEO of Railsbank, is a serial entrepreneur who also founded the FinTech companies Evolution and Currency Cloud. He sits on the board of FX Options Hedge fund LCJ and previously was a partner at finTech VC fund Orange Growth Capital.
Press contact: Nigel Verdon, Co-founder & CEO, nigel[at]railsbank.com
Neat is a FinTech company that provides an alternative to a traditional bank account for individuals, startups and SMEs. The first of its kind in Asia, Neat provides companies with a dedicated Hong Kong bank account number, the ability to receive and send payments globally as well as corporate Mastercards for online and offline spending and ATM withdrawals.
Neat’s mission is to take away the obstacles entrepreneurs face in dealing with traditional financial institutions: the paperwork, bureaucracy and long processing times. Neat believes in making things easier for startups and SMEs around the world.
For more information, visit https://neat.hk/.