Fintech Rapyd Expands APAC Footprint

The fintech-as-a-service provider is expanding Greater China coverage and offering company incorporation, business accounts, credit cards, and payments services from a single platform.

Rapyd has acquired Hong Kong-based Neat, a cross-border trade enabling platform for SMBs and startups, the fintech said a statement on Wednesday.

Neat’s services, capabilities, and licenses will be integrated into Rapyd’s platform to enable a global trade solution optimized for SMBs, entrepreneurs, and growing young companies, according to a statement, which did not disclose the terms of the deal.

As SMBs need to go digital and globalize at an even faster rate due to the pandemic, together Neat and Rapyd can help businesses everywhere sell their goods and services in new markets with less complexity, flatten FX fees, to unlock revenue and growth potential that would otherwise be inaccessible to them,» Joel Yarbrough, managing director of Rapyd Ventures and vice president of Asia Pacific, said about the acquisition.

Rapyd bundles a range of digital payments-related services for businesses, including funds collection, funds payouts, currency transfers, ID verification and card issuing, and brings together over 900 payment methods in over 100 countries. Rapyd’s investors include Stripe, General Catalyst, Oak HC/FT, Coatue, Tiger Global, Durable Capital, Target Global, Fidelity Management and Research Company, Altimeter Capital, BlackRock Funds and Tal Capital.