When we reflect on the past year and a half, we all have a milestone or a day that we look back on with immense pride.
For us at Neo, that day was 13 June 2020, when the first US$1 was received into a Neo multi-currency account. This was the banking version of SpaceX’s first successful launch – a culmination of an idea turned into reality through years of hard work and sacrifice.
This was a game-changer for the corporates we serve – particularly those accustomed to waiting for months to open a bank account and being charged hefty fees for cross-border transactions.
In the 14 months since we launched, we have generated IBANs (international bank account numbers) for more than 200 corporates in Europe and made them “reachable” (or connected) to all the banks in the world over the SWIFT network. In fact, more than3,000 banks are connected to our BIC code.
And, as of 31 August 2021, we have cleared more than $1 billion of transactions and facilitated payments in more than 30 currencies in near real-time.
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The technology that underpins Neo is unique, as we did not use off-the-shelf technology. Instead, our IT and Ops teams worked together to develop proprietary technology for a full core banking system (CBS) including a banking ledger, a payment file generator, data-driven analytics and more.
This was critical to our mission to remain independent and gave us the ability to scale our services while responding quickly to customer requirements and structural changes in the market.
This agility allowed us to evolve from an FX trading provider to becoming the international multi-currency account of choice for businesses seeking a functional, cost-effective and efficient way to move money across borders. We have made FX and payments simple and developed a better way to manage international treasury.
As a founder, establishing and growing a start-up is a step into the unknown, but I have thoroughly enjoyed the challenge. None of this would have been possible without the dedication, hard work and passion of our incredible team.
Our people are our biggest asset; I have seen Neo grow from the founding members to more than thirty (and with more to come!), and I thank you all for the role you have played in this journey.
Our relentless focus on our customers has played a huge part in our growth. We have developed bespoke account solutions for asset managers and investment vehicles in various EU jurisdictions, fintechs in search of new payment rails and EU clearing and multi-currency accounts for global scale-ups and marketplaces. This is just the beginning.
Over the coming months, we are accelerating the rate of innovation and doubling down on the features and support that our customers need. Whether it is multi-currency payouts APIs, extended ERP and PSP connectivity or maintaining the highest standards in client support, we are ready to reach new heights.
Join us on our mission to simplify access to corporate banking and make treasurer’s life easier. And of course, if you are looking to transform your treasury operations, it’s time to get Neo.