Spain Approves Neo as a B2B Challenger Bank

Corporate banking startup Neo announced it has just been authorized to offer multicurrency business accounts. The approval comes from the Bank of Spain and allows Neo to create a PSD2 payment institution.

“Our vision back in 2017 was to create a platform that can replace the old fashioned banking platform. A true ‘one-stop shop’ that offers all the financial products a corporate client needs to operate in a global environment,” said Laurent Descout, CEO. “Operating with Neo does not require any complex installation. It is 100% on demand with the client being in complete control. The platform ensures clients can reduce costs and increase efficiency by reducing manual tasks and improving processes. Our 100% API approach also offers clients great automation possibilities.”

By “one-stop shop” Descout means that Neo offers both investment and payment services and aims to bring all corporate finance functionalities together on a single platform.

Hosted on a core banking platform developed by Neo Fintech Lab in the U.K., Neo’s multicurrency account allows account holders to receive, store and pay in 30 currencies. The bank also enables clients to digitize their treasury department and offers features inspired by treasury management systems.

These banking products will run in tandem with Neo Capital Markets’ FX hedging services, which allow clients to hedge 90+ currencies and receive or make payments in 30+ currencies.

Receiving its banking license places Neo in competition with the likes of Sweden’s Klarna, which received its banking license in 2017, and Transferwise, which offers a borderless account that allows accountholders to receive funds from 30+ countries.

Neo’s multi-currency account will be available in Spain, France, U.K., and Poland in 2020.

At this year’s FinovateEurope conference in London, Descout, along with Neo’s Chief Product Officer Emmanuel Anton, demoed the company’s risk management solution and FX hedging engine. The company has 20 employees and has raised $5.6 million (€5 million).

Categories: NEO

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FinovateEurope Sneak Peek: NEO

A look at the companies demoing live at FinovateEurope on February 12 through 14, 2019 in London, U.K. Register today and save your spot.

NEO’s FX Hub allows corporates to hedge any type of FX risk. NEO offers transparent access to FX markets, coupled with prime pricing and automated execution.

Features

  • Cost efficient: NEO reduces hedging costs from Day One
  • Automation/STP: API access in order to connect easily with client’s TMS/ERP system
  • Front to Back: NEO offers full post execution management

Why it’s great
NEO FX Hub is able to migrate any type of corporate FX risk. NEO FX Hub can automate any FX hedging process. It can be implemented in less than 24 hours at the treasury team level with no IT involvement.

Presenter

Laurent Descout, CEO and Founder
Descout is a fintech entrepreneur with experience in payment institutions and FX hedging. He has worked for more than 10 years as a financial advisor in structured finance.
LinkedIn

 

Emmanuel Anton, Chief Product Officer and Founder
Anton had led the implementation of several trading systems for the fintech industry. He has worked for major financial institutions as a senior IT consultant.
LinkedIn

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.