Neat’s 2020 year in review
2020 what a year! Where do we even start… It was such a rollercoaster for individuals and businesses around the world. Covid-19 has shaped the way many businesses have been forced to operate and many of those changes are here to stay.
As a scale-up and a young business, our main priorities were, and continue to be, to support our customers and making sure our employees are safe. We can only hope that you all continue to stay safe and healthy in 2021.
Looking back at 2020, despite the events of the year, we wanted to share some of our biggest achievements as a company, our learnings and what to look forward to in 2021.
To start here are our company growth in numbers:
- Our revenues have grown by 3x
- Our customers’ transfer volumes have grown 5x
- We are now facilitating over 15,000 payments each month
Now onto some of our biggest achievements…
Closing Series A funding round:
The Series A funding round was huge for us! We raised US$ 11 million in April and then in August we raised an additional US$ 4 million. The funding was to invest further in our customer support, grow our team and pursue relevant regulatory licenses as a foundation to our international growth.
David Rosa, CEO and Co-Founder comments on what the funding round meant to him:
“I couldn’t be more proud of our team. Attracting such a group of premier investors amidst an unforgettable year is testament to the fact that we’re executing well in solving a very acute pain-point in the market.”
The round was led by the Pacific Century Group with follow-on investments from Visa and MassMutual ventures!
London and our European Roadshow
In November 2019, we expanded into Europe, opening an office in London, with our official launch in January 2020. We also did our first European roadshow starting in France, then Germany and ending in London. We now have 5 employees in the London office and continue to grow. Covid-19 has demonstrated the need for fintechs who can react quickly and are digital first by nature, this is what customers are looking for, along with the spike in e-commerce businesses, we are perfectly placed to offer our service.
Announced our partnership with Zegal
In June, we announced our partnership with Zegal to offer our business customers 1 year of unlimited e-signing and 2 months of full-access to the Zegal standard plan. Making it easier for SMEs to focus on their core business. Our partnership with Zegal very much allows our customers to do that.
Inclusive Fintech 50 award
We are really proud of this award and to be named as part of the Inclusive Fintech 50 for 2020. SMEs have struggled for a long time to get access to financial services that are built for their needs but things are starting to change. This award is testament to the work that we are doing to help close that gap and make financial services more accessible.
Launch of Visa virtual HKD cards
The new Neat Visa card has arrived! The launch of the first version of the card to our Hong Kong customers happened in December. The Neat Visa card gives customers 1% cashback on all their purchases and we don’t charge foreign merchant fees on transactions in the same base currency, regardless of where the merchant is.
Customers will also have the ability to set monthly spending limits, get real-time notifications and access to various perks and rewards including discounts on Google Ads for example. The card features empower our customers to be more in control of their spending and have the flexibility to set up as many cards as they need for their business.
For most people, this year has been one for learning and adaptation. We too as a business have been through some important learning curves this year, as most fintechs do! Here are ours.
Important learning curves
Communicating to our customers and being more proactive
Our customers are extremely important to us and the way we communicate is equally so. We started 2020 doing a very poor job at maintaining our level of customer support in line with our growth. Our Series A funding round enabled us to invest in this area and we’re seeing the early results, ending the year with a four-fold improvement in the speed at which we respond to customer enquiries. We know we have more to do in this area and keep working hard at it.
Speed of execution
Speed of execution has not been where we want it to be in 2020. Our timelines on certain feature releases have been delayed. We are working on making sure that our timelines are deliverable and the features that are most important to our customers are prioritised.
Looking forward to 2021, there remains uncertainty around Covid-19 and what the year will bring but we are optimistic and are working towards some big milestones:
- Getting our own regulatory licences in the UK and Europe
- Further rollout of our Neat Visa card including physical and USD cards
- Developing our incorporation process.
Stay tuned for more updates as the year unfolds.
A final thank you to all our customers, investors, team members, regulators and anyone else who has supported us on our journey so far. We look forward to what 2021 will bring and to continue helping our customers in growing their businesses internationally!