Neo clears $5b as cross-border payments increase

By Gloria Methri

Neo, the treasury management, payments, and FX FinTech, cleared $5 billion through its multi-currency accounts. The provider launched its multi-currency account offering for treasurers in June 2020 and cleared $4 billion in the past year.

This compares to $1 billion in its first 15 months, reflecting growing demand from clients for a fast and cost-effective alternative to the traditional banking model.

A recent borderless payments report from Mastercard suggests that 58% of SMEs are making more cross-border payments now than before the pandemic.

Neo offers a single platform where treasurers can gather all currencies and access their information in one location. Businesses can set up an international account with their own multi-currency International Bank Account Number (IBAN), allowing them to manage cash flows and view trading data, all in one place.

Virtual wallets then allow them to organise funds and make and receive payments in more than 30 currencies – all with transparent and competitive pricing.

Laurent Descout, CEO and Co-Founder of Neo, said, “We have seen a rapid acceleration of volumes in the last 12 months, and, in part, this reflects a very notable increase in demand for borderless payments across the market.”

Today, Neo works with more than 300 corporates across 28 countries and more than 5,000 banks are connected to its Bank Identification Code (BIC) on the SWIFT network.

“However, a large portion of our growth is from existing clients and what we are seeing is businesses experiencing the benefits of moving away from the traditional banking model,” added Descout. “It has long been a complex, opaque, and often costly process and in order to facilitate the rise in payments, businesses are buying into a more streamlined, integrated approach that can deliver significant cost savings.”