Neo announces a €5M fundraising to launch its multi-currency corporate account.
The completion of this round will allow Neo to launch getneo.com, the multi-currency cash management platform designed to help medium-to-large corporates manage their currency risk as well as streamline their currency collections and foreign payments.
Neo comes with a corporate multi-currency account and prime access to FX markets embedded in a financial one-stop shop. It is accessible completely via modern API and is a ground-breaking alternative to the banks’ offerings. It reduces transaction costs from day one while giving the tools to both automate and improve control over treasury processes.
Founded by serial entrepreneurs from the CIB and the fintech industry, the Barcelona-based company, with development lab in London and Cambridge, aims to re-invent corporate banking from the ground up.
Neo’s services will be gathered in a single platform – getneo.com – which aims to offer all CIB services, starting with FX hedging and international payments. The platform will progressively add new services and will be open to third-party technologies in order to constantly bring the best of fintech to corporates.
Neo includes cutting-edge features such as an FX market terminal, real-time rate streaming, pre-defined hedging strategies for over 90 currencies, order-based FX optimisation and advanced reporting capabilities. The Neo solution does not require any IT involvement at the client’s level and can be up and running in less than a day. The objective is to return control of solutions and strategy to the finance departments.
Automation of operations is at the heart of Neo’s value proposition. That means any action taken can be automated in order to allow a treasurer to reduce low value tasks and to focus on strategic decision-making.
Neo will advise clients in identifying, quantifying and defining an adequate FX hedging policy. For this, it plans to clear market authorities’ approval by the end of 2018 and become one of the few European fintechs with an investment firm license under MiFID II rules.
The commercial launch is scheduled for the first quarter of 2019 in the UK, Spain, France, and Poland.
The first round of funding has been closed with investors such as Duncan MacInnes (465), Marc Menasé (Founders Future) and will allow the company to hire the key profiles needed to support IT development and operations in each target country.
Laurent Descout, CEO & co-founder, said:
“Within the founding team, we have been advising corporate CFOs and treasurers for 15 years and when it comes to currency management, phrases like ‘too complex’, ‘too expensive’ or simply ‘not digital’ are all that you will hear from them. We believe the time has come for a truly digital CIB one-stop shop that offers technology and execution from a single platform. Our ambition is to democratise access to those solutions traditionally reserved for multinational companies and participate in improving the competitiveness of our clients who get access to better tools while substantially reducing their transaction costs and their operational risk.”
About the Neo Group:
The Neo Group was created in 2017 by Laurent Descout, Emmanuel Anton, Nuria Molet, Ian Yates, Mathias Ifergan, and Matthew Pilling. Neo develops cash management and FX hedging solutions for corporates and grants immediate access to multi-currency accounts coupled with advanced hedging capabilities at interbank FX rates. Neo allows end-to-end automation of processes helping clients to better manage their international expansion.
The Neo Group has its headquarters in Barcelona and employs 15 people between Barcelona, London and Cambridge.
The group is composed of Neo Capital Ventures SL, Neo Capital Markets SA and Neo Fintech Lab SL.
END PRESS RELEASE
Laurent Descout, CEO
Tel: +34 938 538 638
Neo Capital Ventures SL
Trade Registry of Barcelona – B66850322
Calle del Comte d’Urgell 143, 6-2