Laurent Descout, CEO and Co-Founder of Neo, reacting to the UK Chancellor’s Autumn Statement which included tax increases and changes to the R&D tax credit scheme.

Neo, the treasury management, payments and FX fintech, has cleared $5 billion through its multi-currency accounts as cross-border payment volumes increase globally. This compares to $1 billion in its first 15 months, reflecting a growing demand form clients for a fast, cost-effective and transparent alternative to the traditional banking model.