Neo Financial, a Calgary, AB and Winnipeg MB-based financial technology company, raised $64m in Series B funding.
The round, which brought total funding to $114m CAD, was led by Valar Ventures with participation from Greenoaks Capital, Altos Ventures, Breyer Capital, Golden Ventures, Afore Capital, Inovia Capital, Thomvest and Maple VC.
The company intends to use the funds to:
- continue to grow its team from both Calgary and Winnipeg, hiring for over 100 roles in software development and engineering, product, design, operations, and more.
- launch new integrated fintech partnerships with retailers, and
- introducr new products and features across the entire journey of Canadians’ financial lives.
Led by co-founder and CEO Andrew Chau, Neo Financial is re-imagining spending, savings and rewards by using technology to simplify finances, create rewarding experiences, and build community for all Canadians.
The company initially launched in 2020 with the Neo Card, a no fee Mastercard that earns an average 4-6% cashback at partners and at least 1% cashback across all spend, and the Neo Savings account, a high-interest savings account.
Since the launch, Neo has partnered with over 4,000 retail partners on their national cashback network, including a strategic partnership with Hudson’s Bay to power their new Hudson’s Bay Mastercard.
The credit card is issued by ATB Financial and backed by the Mastercard network, and the Neo Savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection.