Neat launches Visa card for business clients

Non-bank commercial card issuers have spotted an opportunity in Hong Kong which up to now has been dominated by banks, such as HSBC. Now, Hong Kong-based fintech company, Neat has become a member of the Visa network and will be launching its own Neat Visa physical and virtual card for businesses in Hong Kong.

The company will also be launching its own payment products and will be using Visa’s network, the press release noted.

“Our new Neat Visa card really gives SMEs the flexibility and control they need over their spending”, said David Rosa, CEO at Neat.

In April last year, Neat raised $11 million in a Series A funding round which was led by Pacific Century Group, Visa and MassMutual Ventures.

Adding further to the product launch, Maaike Steinebach, General Manager, Visa Hong Kong and Macau said, “having access to commercial cards and products should not be limited to a handful of big corporations. The Neat Visa card can help small and medium-sized businesses optimise their cash flow and tap into Visa’s global network and other exclusive business services”.

According to the press release, small businesses are ‘often restricted by unreasonably low spending limits, poor visibility of their spending data and hefty monthly fees”.

The company in response to this has launched Neat Visa card which will give customers to have control over their business finances and will be able to set their own monthly spending limits, view expense tracking and set up instant transaction notifications.