Neo has launched Neo FX Hub, a foreign exchange (FX) management solution designed for European corporates. The Barcelona-based fintech start-up presented its solution at two recent events; Finovate Europe in London and the World Mobile Congress 2019 in Barcelona.

The company said that leveraging the license obtained from the Spanish market authorities in November, Neo FX Hub is a multi-asset solution that offers access to FX spot, deliverable and non-deliverable forwards, swaps and options.

Neo enables corporates to hedge any type of FX risk in more than 90 currencies, in “a simple and cost-efficient way by keeping commissions lower than what banks or brokers offer.” The solution also includes advanced reporting functionalities to simplify post-execution management.

Neo FX Hub will allow FX trade execution via the group proprietary platform getneo.com. Neo will also be available to other fintech or banking partners via application programming interface (API).

“Advisory remains at the heart of Neo’s philosophy, since each client will benefit from a personalised FX risk mapping and a bespoke FX hedging program,” the company stated.

“Foreign exchange management is too often described as complicated, expensive and not transparent,” commented Laurent Descout, Neo’s CEO and co-founder,

“With our FX Hub, we have built from scratch a trading floor and coupled it with a treasury management platform. This is all available without having to install anything. We have taken the first step towards re-engineering a full corporate banking platform.”

Neo announced a €5 million fundraising last September to develop getneo.com, a multi-currency cash management platform designed to help medium-to-large corporates manage currency risk and streamline their currency collections and foreign payments.