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Manitoba grants Neo Financial $ 1.6 million to add to its Winnipeg workforce

The Manitoba government has awarded Neo Financial a $ 1.6 million grant as part of its Industry Expansion program to support the growth of the startup’s workforce in Winnipeg.

Neo will use the funding to train 300 new employees at the company’s headquarters in the Exchange District in downtown Winnipeg.

“Winnipeg has a great community that supports entrepreneurs and technology companies. It is on the rise. “
– Andrew Chau

Founded in 2019 by SkipTheDishes founders Andrew Chau and Jeff Adamson together with Kris Read, Neo is a FinTech company in the Challenger banking sector.

The company offers digital banking services such as credit cards issued by ATB Financial and supported by the Mastercard network, as well as the Neo savings account from Concentra Bank, a member of the CDIC.

The Winnipeg office opened in August, with the newly acquired premises being the previous SkipTheDishes headquarters. Neo rents 10,000 square feet in the building, but the space can grow to over 100,000 square feet.

Chau said he saw the talent in Winnipeg after building SkipTheDishes from five employees to just over 3,000. “Winnipeg has a great community that supports entrepreneurs and technology companies. It’s on the rise, ”said Chau.

RELATED: Neo Financial Prepares to Open Innovation Center in Winnipeg

The industry expansion program requires that all newly created net jobs must be held for at least 2,080 hours of full-time employment during the term of the contract.

Most recently, Neo closed a $ 64 million CAD Series B round in October, led by Valar Ventures, supported by Peter Thiel, who also led Neo’s Series A funding. Together with the provincial government’s new capital, Neo’s total funding to date is approximately $ 115.6 million.

In December 2020, Neo announced a $ 25 million Series A round and a $ 25 million credit facility provided by ATB Financial.

Since securing its initial capital, Neo has grown its consumer and retail customer base. In 2020, Neo had 2,000 retailers in its rewards program with a focus on Western Canada. That number is now 4,000 and it spans across the country.

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