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Neo Financial announces a $ 64 million increase in Series B to accelerate growth

CALGARY, Alberta, Sept. 15, 2021 – (BUSINESS WIRE) – Neo Financial (Neo), a financial technology company founded by two co-founders of SkipTheDishes, today announced its $ 64 million Series B financing. This brings Neo’s total funding to $ 114 million, with Valar Ventures leading both Series A and B rounds.

This press release contains multimedia. View the full press release here: https://www.businesswire.com/news/home/20210915005370/en/

(Photo: Business Wire)

With this latest capital increase, Neo will continue to grow its Calgary and Winnipeg team and focus on launching new integrated fintech partnerships with retailers – a significant void underserved by incumbent banks. You will also go beyond “spend and save” to innovate and bring new products and features to market all along the path of Canadians’ financial life.

Neo’s fully digital application and innovative approach to rewards has rapidly gained traction in the Canadian market, where the banking sector has long lagged the global market. Neo started in 2020 with the Neo Card, a fee-free Mastercard that brings in an average of 4-6% cashback with partners and at least 1% cashback for all expenses, and the Neo savings account, a high-interest savings account with all the advantages of an everyday bank account, the currently pays one of the highest interest rates in Canada. Since inception, Neo has worked with over 4,000 retail partners across their national cashback network, including a strategic partnership with Hudson’s Bay to power their new Hudson’s Bay Mastercard.

“Reinventing the way Canadian banking operates is not an easy task, but it is a challenge our team is facing. This raise not only validates the problem Neo is tackling, but also the ability of our team to solve it, ”says Neo Co-Founder and CEO Andrew Chau. “As one of the largest Series B acquisitions for a Canadian fintech, this new round of funding will allow us to continue developing innovative products and features for all Canadians and businesses. It’s an exciting time to join our team from our Calgary and Winnipeg offices to enlarge. ” . ”

The story goes on

“We’re growing ever more impressed with the Neo Financial team. The pace at which they have built and expanded their technology, platform and new corporate partnerships is among the fastest we’ve seen in our careers,” said Andrew McCormack, a Founding partner of Valar Ventures. “The Neo team brings a unique platform to the Canadian marketplace. We are confident that Neo will become a giant in Canada’s financial system and improve the lives of millions of Canadians.”

New Series B investors included Greenoaks Capital, whose previous investments included Robinhood, Stripe, Discord, and Databricks, and Altos Ventures, which backed online gaming platform Roblox and Korean challenger bank Toss, which reached unicorn status in 2018 and now is valued at over CAD 9.4 billion. Other investors were Breyer Capital, whose founder Jim Breyer led the first institutional investment round at Facebook, as well as existing investors such as Golden Ventures, Afore Capital, Inovia Capital, Thomvest and Maple VC.

This investment follows recent news of Neo’s newly acquired office space in the Exchange District of Winnipeg, which will serve as a second headquarters alongside the downtown Calgary office. Neo is hiring over 100 positions in software development and engineering, product, design, operations, and more. To learn more about the opportunities at Neo, visit neofinancial.com/careers.

For more information on Neo, please visit NeoFinancial.com

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About Neo Financial:

Neo Financial (Neo) is a technology company working hard to create a better financial experience for all Canadians. Founded in 2019 by the co-founders of SkipTheDishes, Neo reinvents expenses, savings and rewards by using technology to simplify finances, create rewarding experiences and build a community for all Canadians. Neo works with over 4,000 retail and e-commerce partners across the country to help businesses attract new customers, increase sales, and improve customer loyalty.

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 by the Mastercard network, and the Neo savings account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit insurance. Headquartered in Calgary, AB and Winnipeg MB, Neo is backed by top investors across North America. To learn more, please visit neofinancial.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210915005370/en/

contacts

For media inquiries, please contact:
Arianna Dametto
Neo finance
Arianna.dametto@neofinancial.com

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