Hudson’s Bay and Neo Financial Announce Strategic Partnership Providing Canadians with a more rewarding digital-first credit experience

TORONTO – (BUSINESS WIRE) – Hudson’s Bay and Neo Financial are partnering to bring Canadians a new, digitally integrated Hudson’s Bay Mastercard that enhances customer experience and better rewards their lifestyle. The Hudson’s Bay Mastercard – powered by Neo – makes it easier than ever for customers to shop, redeem rewards and manage their account security. Starting in March, Canadians outside of Quebec will be able to apply for and open an account for their new Hudson’s Bay Mastercard in just minutes from their phone. and April in Quebec.

“As we advance our digital-first strategy, we are evolving in all facets of our business to improve the customer experience,” said Iain Nairn, President and CEO of Hudson’s Bay. “Partnering with a Canadian company built on innovation and entrepreneurship will help us provide Hudson’s Bay customers with a better shopping experience and actually reward them when they shop with us.”

“Our partnership with Hudson’s Bay demonstrates the opportunity in digital-first financial products and solutions that deliver better value and experiences to customers,” said Andrew Chau, CEO of Neo Financial. “Neo Financial is focused on redefining every financial touchpoint Canadians have and building that experience from scratch with a customer-first approach. Neo’s Hudson’s Bay Mastercard is the next generation of credit card and retail innovations that deliver a unique and highly rewarding experience for all. ”

This Hudson’s Bay Mastercard is one of the most advanced credit options for Canadians, from the simple application process with almost instant approval to advanced service and security features, including using your phone’s facial recognition technology directly through the Neo Financial app. In just a few minutes, customers can be approved, load their card into their digital wallet and start buying immediately. As part of this new experience, Hudson’s Bay will introduce tap-and-go contactless payment at its checkouts later this year.

All Hudson’s Bay customers are encouraged to register to be the first to know when the official application process begins. Current cardholders can continue to use their existing card until May 3, 2021.

The Hudson’s Bay Mastercard operated by Neo offers the following features and more:

• Earn an average of 2% cashback on thousands of local and national Neo Financial partners and businesses, including most major gas and grocery stores, restaurants, gyms, cafes, and more.

• Earn double Hudson’s Bay Rewards points for every dollar you spend in Hudson’s Bay, or 2 points for almost every dollar you spend outside of Hudson’s Bay.

• No annual or over-limit fees.

• Earn even more year-round with exclusive member-only offers, events and specials.

• Get proactive and real-time notifications so you can live a worry-free life.

• One click security. Freeze or replace your card, disable online transactions and much more right from the app.

• Manage on the go. Everything is accessible from your phone with Neo’s leading digital app.

• Feel protected. The Hudson’s Bay Mastercard contains Mastercard’s zero liability protection against unauthorized or fraudulent allegations.

The Hudson’s Bay Mastercard can be used wherever Mastercard is accepted worldwide. For more information, including the full terms and conditions, please visit thebay.com/neo.

About Hudson’s Bay

HBC was founded in 1670 and is North America’s oldest company. Hudson’s Bay has grown to become Canada’s best-known department store, now operating 88 full-line locations and thebay.com. Hudson’s Bay has made a name for itself for quality, service and style by offering well-put together ranges from exclusive and popular designers and brands for fashion, beauty, living and accessories as well as exclusive food concepts. It is part of the HBC brand portfolio. The signature strips are a registered trademark of the Hudson’s Bay Company.

About Neo Financial

Neo Financial (Neo) is a technology company that works hard to create a better financial experience for all Canadians. Founded in 2019 by the co-founders of SkipTheDishes, Neo reimagines expenses, savings and rewards by leveraging technology to simplify finances and create rewarding experiences for all Canadians.

By partnering with leading financial institutions, Neo offers members a secure way to spend and save money. Neo’s credit card is issued by ATB Financial and supported on the Mastercard network. The Neo savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit insurance. Headquartered in Calgary, AB, Neo is backed by top investors across North America. Please visit neofinancial.com for more information.