A Belgian Pro League football team has entered into a five-year relationship with Neo, a fintech specializing in cross-border payments. This partnership positions Neo as the official partner for foreign currency exchange, lasting until 2030.
As part of this collaboration, Neo will manage the team’s foreign exchange and multi-currency transactions. This strategic move is anticipated to reduce costs associated with foreign exchange while streamlining various international processes, such as player transfers, travel expenses, and payments to staff. The payments sector has become a fundamental aspect of modern commerce, with the methods of exchange evolving significantly over time. Entities involved in transactions are categorized as payers or payees, reflecting the party making the payment and the party receiving it, respectively.
The club frequently participates in major continental tournaments, such as the UEFA Champions League, necessitating dependable foreign exchange solutions to effectively handle financial obligations abroad. Neo’s platform supports over 25 currencies by offering International Bank Account Numbers for payments and providing tools for holding, converting, and transferring funds internationally.
Founded in Barcelona, Neo has transitioned from a straightforward foreign exchange trading platform to a comprehensive treasury services provider. It currently collaborates with more than 300 corporate clients across 28 countries and has successfully conducted transactions amounting to over €20 billion through the SWIFT network, with €7 billion processed in just 2024.
In a statement, Neo’s co-founder emphasized the significance of supporting a leading European club. He highlighted that football has transformed into a global business, where effective currency management is crucial for maintaining financial agility within clubs. The firm has prior experience working with prominent organizations in the sports industry, equipping it with insights into the complexities of international operations.
In addition to its partnership with the Belgian club, Neo has recently established a collaboration with Wolverhampton Wanderers FC from the English Premier League. This agreement also designates Neo as the club’s official provider of foreign currency exchange. Previously, Wolves had partnered with AstroPay, although that relationship did not carry over into the current season; it has been succeeded by Debet, an online gambling service, as the club’s main sponsorship entity.
Through its partnerships, Neo is actively aiding teams like Wolves in minimizing foreign exchange costs by efficiently managing international transactions. This not only benefits the clubs financially but also enhances Neo’s brand visibility through the commercial infrastructure of these sports organizations.