Fintech start-up EasyEuro, which aims to launch a neobank for cross-border SME [small and medium-sized enterprise] traders in Europe and Asia, has raised $4 million in its latest funding round, reports Jane Connolly.

The round was led by Ally Capital, with participation from seed investors SwiftPass, Geoswift, Huashan Capital and Unity Assets.

EasyEuro raised CNY 5 million ($718,000) in seed funding in September 2018. The fintech will use the new funding to accelerate product development, market expansion and recruitment.

Aiming to tap into the import and export trade between Chinese and European SMEs – worth $323 billion in 2018 – EasyEuro will offer digital banking services to SMEs trading between Europe and Asia, with an initial focus on China.

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European SMEs are currently unable to easily receive and make payments in the currency of their choice, while Chinese SMEs find it difficult to conform to European banking practices.

EasyEuro’s solution features a digital mobile wallet with a multi-currency banking account and the option of a linked MasterCard that can be used worldwide. Supporting most major payment methods such as Visa, MasterCard, WeChatPay, Alipay and UnionPay, the digital wallet can also protect exchange rates during the trading process.

The start-up has built a suite of open APIs for strategic institutional partners such as SwiftPass and Geoswift, which it says will cover the entire business flow of international trading from China to Europe.