Company:Neo Financial

From HandWiki
Neo Financial
TypePrivate
IndustryFinancial services, financial technology[1]
Founded2019[1]
FounderAndrew Chau; Jeff Adamson; Kris Read; Chris Simair[1]
HeadquartersCalgary, Alberta, Canada[2]
Area served
Canada[3]
Key people
Andrew Chau (chief executive officer); Jeff Adamson (chief commercial officer); Chris Simair (president); Kris Read (head of engineering)
ProductsCredit cards; savings and cash accounts; investing; mortgages; merchant loyalty and rewards programs[4]
Number of employees
700+ [5] (2023)
Websitewww.neofinancial.com

Neo Financial is a Canadian financial technology company headquartered in Calgary. Neo develops consumer banking products in partnership with regulated financial institutions and provides co-branded credit and loyalty programs to Canadian retailers.[2][3]

History

Neo Financial was founded in 2019 by former SkipTheDishes executives Andrew Chau, Jeff Adamson, Kris Read, and Chris Simair[1]

In January 2021 Neo launched a savings account program using Concentra Bank as its deposit-holding partner, ensuring coverage through the Canada Deposit Insurance Corporation (CDIC).[6] In 2024 Neo transitioned to Peoples Bank of Canada as its partner for new and existing everyday accounts.[7]

In 2022, the company expanded in Calgary with new offices in the Edison tower and the Hudson’s Bay building.[2] Neo maintains a secondary headquarters in Winnipeg, supported by a provincial expansion grant.[8]

Products and services

Neo offers credit cards, savings and cash accounts, and investment products delivered through its mobile app and website.[4]

Credit cards and partnerships

Neo issues consumer credit cards and co-branded programs. In 2021 it partnered with Hudson’s Bay to launch a new Hudson’s Bay Mastercard.[9] After Hudson’s Bay entered liquidation in 2025, cardholders were notified that accounts would transition to a Neo-branded card.[10][11]

In 2023 Tim Hortons introduced the no-annual-fee Tims Mastercard, developed through Neo’s embedded banking platform and issued by ATB Financial.[12]

Savings and investing

Neo’s deposit accounts are backed by partner banks with CDIC insurance.[6][7] Its investing product, Neo Invest, was launched with embedded wealth services provider OneVest in 2022.[4]

Funding

Neo has raised multiple venture rounds. In May 2022 the company announced a 145 million dollar Series C led by Valar Ventures, which valued the firm above one billion Canadian dollars and coincided with surpassing one million customers.[3]

In November 2024 Neo raised 360 million Canadian dollars in a Series D round composed of equity and debt financing, with participation from existing investors and notable angels.[13][14]

Reception

Neo has faced some negative public reception as customer complaints have been widely documented. The Better Business Bureau assigns Neo Financial an F rating and notes that the company is not accredited; the profile cites unresolved service complaints and delays in issue resolution.[15] Similar concerns appear in financial discussion forums, where users have described fraud-related disputes and dissatisfaction with dispute resolution processes.[16]

There have been other concerns raised regarding regulation and ownership. Neo operates as a financial technology company using partner banks rather than as a licensed bank, raising questions about consumer protection compared to traditional deposit-taking institutions.[17]

In 2024 Neo’s Series D financing attracted scrutiny because it included investment from Tencent, a Chinese technology conglomerate that appears on a United States Department of Defense list of companies with alleged military ties. Canadian outlets reported that this raised national-security questions in the context of pending Retail Payments Activities Act oversight.[18]

Industry recognition

Neo Financial has received recognition for its expansion and technological innovation. In 2023, it ranked first in Deloitte’s Technology Fast 50 Companies-to-Watch category, having a revenue growth of 81,732 percent between 2020 and 2022, while expanding its team from roughly 120 to over 700 employees.[5]

In the following year, Neo was ranked first on the main Technology Fast 50 ranking, achieving a three-year revenue growth of 154,022 percent.[19][20]

Regulation

Neo operates as a fintech firm while relying on partner banks for regulated services. It has been registered as a money services business with the Financial Transactions and Reports Analysis Centre of Canada since November 8, 2022. [21]

See also

References

  1. ↑ 1.0 1.1 1.2 1.3 Simpson, Meagan (23 September 2020). "SkipTheDishes co-founders look to shake up banking as Neo Financial hits the market". BetaKit. https://betakit.com/skipthedishes-co-founders-look-to-shake-up-banking-as-neo-financial-hits-the-market/. 
  2. ↑ 2.0 2.1 2.2 Alcaraz, Charlize (12 January 2022). "Neo Financial to bolster presence in Calgary with 113,000 square feet of new office space". BetaKit. https://betakit.com/neo-financial-to-bolster-presence-in-calgary-with-113000-square-feet-of-new-office-space/. 
  3. ↑ 3.0 3.1 3.2 Azevedo, Mary Ann (5 May 2022). "Canada's Neo Financial closes on 145 million dollar Series C, surpasses 1 million customers". TechCrunch. https://techcrunch.com/2022/05/05/canadas-neo-financial-closes-on-145m-series-c-surpasses-1-million-in-customers/. 
  4. ↑ 4.0 4.1 4.2 Simpson, Meagan (14 April 2022). "With new investment product, is Neo Financial's biggest competition now Wealthsimple and Questrade or the big banks". BetaKit. https://betakit.com/with-new-investment-product-is-neo-financials-biggest-competition-now-wealthsimple-and-questrade-or-the-big-banks/. 
  5. ↑ 5.0 5.1 "Neo Financial Ranks First in Deloitte's 2023 Technology Fast 50 Companies-to-Watch". Business Wire. 8 November 2023. https://www.businesswire.com/news/home/20231108988891/en/. 
  6. ↑ 6.0 6.1 "Neo Financial teams up with Concentra Bank to offer CDIC-eligible savings". Associated Press via Business Wire. 13 January 2021. https://apnews.com/de6dcbdc30bb423ba7ee2958a8739f27. 
  7. ↑ 7.0 7.1 "Introducing the Neo Everyday account". 27 June 2024. https://support.neofinancial.com/hc/en-ca/articles/21190171447309-Introducing-the-Neo-Everyday-account. 
  8. ↑ Simpson, Meagan (2 November 2021). "Manitoba grants Neo Financial 1.6 million dollars to expand Winnipeg workforce". BetaKit. https://betakit.com/manitoba-grants-neo-financial-1-6-million-to-expand-winnipeg-workforce/. 
  9. ↑ "Hudson's Bay teams up with Neo Financial to offer new Hudson's Bay Mastercard". CityNews Kitchener. The Canadian Press. 9 February 2021. https://kitchener.citynews.ca/2021/02/09/hudsons-bay-teams-up-with-neo-financial-to-offer-new-hudsons-bay-mastercard/. 
  10. ↑ "Hudson's Bay Mastercard is changing to the Neo Mastercard". 20 August 2025. https://support.neofinancial.com/hc/en-ca/articles/34883378914061-Hudson-s-Bay-Mastercard-is-changing-to-the-Neo-Mastercard. 
  11. ↑ "Canada's oldest company to liquidate all but six stores starting Monday". Associated Press. 22 March 2025. https://apnews.com/article/bd2b551eb7957fd2781af250186f1002. 
  12. ↑ "Coffee lovers rejoice, Tim Hortons now has its own credit card". Forbes Advisor Canada. 24 July 2023. https://www.forbes.com/advisor/ca/credit-cards/tim-hortons-credit-card/. 
  13. ↑ Pathe, Tyler (13 November 2024). "Canadian fintech Neo Financial raises 258 million dollars in mix of equity and debt funding". FinTech Futures. https://www.fintechfutures.com/fintech/canadian-fintech-neo-financial-raises-258m-in-mix-of-equity-and-debt-funding. 
  14. ↑ Scott, Josh (13 November 2024). "Neo Financial takes aim at Canadian banks with 360 million dollar Series D". BetaKit. https://betakit.com/neo-financial-takes-aim-at-canadian-banks-with-360-million-series-d/. 
  15. ↑ "Neo Financial". https://www.bbb.org/ca/ab/calgary/profile/banking-services/neo-financial-0017-107535/customer-reviews. 
  16. ↑ "I was stolen 2.9k thanks to Neo Financial's unsured system design and they don't care". 17 March 2025. https://www.highinterestsavings.ca/forum/neo-financial/i-was-stolen-2-9k-thanks-to-neo-financials-unsured-system-design-and-they-dont-care/. 
  17. ↑ Dall, Robert (20 March 2025). "Neo Financial isn't a bank". https://robertdall.com/2025/03/20/neo-financial-isnt-a-bank/. 
  18. ↑ "Neo Financial faces scrutiny over Tencent investment". Decoder. 15 November 2024. https://decoder.ca/neo-financial-faces-scrutiny-over-tencent-investment/. 
  19. ↑ "Neo Financial Secures Top Spot on Deloitte's Technology Fast 50's Program for 2024". Business Wire. 6 November 2024. https://www.businesswire.com/news/home/20241106735618/en/. 
  20. ↑ "Neo Financial snags top spot on Deloitte's 2024 Technology Fast 50". BetaKit. 6 November 2024. https://betakit.com/neo-financial-snags-top-spot-on-deloittes-2024-technology-fast-50/. 
  21. ↑ "Neo Financial Technologies Inc. (Registration # M22733289) is a money services business registered with FINTRAC; initial registration date 8 November 2022". https://opengovca.com/money-service/M22733289. 




Retrieved from "https://handwiki.org/wiki/index.php?title=Company:Neo_Financial&oldid=4201766"