Laurent Descout (second from left) / Neo
Neo passes €10bn in processed cross-border payments since launch
CEO Laurent Descout blames in-part Silicon Valley Bank’s failure for the success Neo has seen this year
SME cross-border payments fintech Neo has now cleared €10bn in payments since its launch in 2020.
The fresh milestone doubles the last €5bn figure that Neo passed in October 2022, less than 12 months ago.
“Accessing multi-currency accounts has literally become impossible for too many corporates across many different industries,” Laurent Descout, co-founder and CEO of Neo said.
“Neo is tackling this issue head-on and doubling our transaction volumes in under a year is a clear mark of trust from both new and existing clients.”
Neo points to the recent banking crisis faced by the likes of Silicon Valley Bank, which prompted company treasurers to diversify their banking pools and look to fintech providers as an alternative.
For its part, Neo operates a platform for company treasurers to hold all their currencies in a single multi-currency bank account, containing a plethora of virtual wallets for each currency, and make payments.
Neo can handle more than 25 currencies and has over 400 client companies across 28 countries that make payments to some 100 different markets.
“Reaching this milestone demonstrates the scalability of our proprietary core banking system technology which is machine-tooled to satisfy the growing complexity faced by international treasury teams,” Descout added.