CALGARY, Alberta–(BUSINESS WIRE)–Neo Financial (Neo), a monetary expertise firm created by two of the co-founders of SkipTheDishes, right now introduced their $64 million Sequence B fundraising spherical. This brings Neo’s complete funding to $114 million CAD, with Valar Ventures main each Sequence A and B rounds.
With this newest capital elevate, Neo will proceed to develop its crew from each Calgary and Winnipeg, and deal with launching new built-in fintech partnerships with retailers – a major hole that’s underserved by incumbent banks. They may even be going past simply ‘spending and saving’ to innovate and launch new merchandise and options throughout your entire journey of Canadians’ monetary lives.
Neo’s absolutely digital software and progressive strategy to rewards has gained fast traction within the Canadian market, the place the banking sector has lengthy fallen behind the worldwide market. Neo initially launched in 2020 with the Neo Card, a no payment Mastercard that earns a median 4-6% cashback at companions and at the very least 1% cashback throughout all spend, and the Neo Financial savings account, a high-interest financial savings account with all the advantages of an on a regular basis checking account, which at the moment pays one of many highest rates of interest in Canada. For the reason that launch, Neo has partnered with over 4,000 retail companions on their nationwide cashback community, together with a strategic partnership with Hudson’s Bay to energy their new Hudson’s Bay Mastercard.
“Reimagining the way in which Canadians financial institution isn’t any simple feat, nevertheless it’s a problem that our crew is taking head on. This elevate is validation of not solely the issue Neo is tackling, however our crew’s means to resolve it,” says Neo co-founder and CEO, Andrew Chau. “As one of many largest Sequence B raises for a Canadian fintech, this new spherical of funding will permit us to proceed constructing progressive merchandise and options for all Canadians and companies. It’s an thrilling time to develop our crew from each our Calgary and Winnipeg workplaces.”
“We’re increasingly impressed by the crew at Neo Monetary. The tempo at which they’ve constructed and proceed to increase their expertise, platform, and new enterprise partnerships is among the many quickest we’ve seen in our careers,” mentioned Andrew McCormack, a founding companion of Valar Ventures. “The Neo crew is bringing a novel platform to the Canadian market; we’re assured that Neo will change into a large within the Canadian monetary system and enhance the lives of thousands and thousands of Canadians.”
New Sequence B traders included Greenoaks Capital, whose previous investments included Robinhood, Stripe, Discord and Databricks, and Altos Ventures who backed on-line gaming platform Roblox and the Korean challenger financial institution Toss, which hit unicorn standing in 2018 and is now valued at over CAD$9.4 billion. Different traders included Breyer Capital, whose founder Jim Breyer led the primary institutional funding spherical in Fb and present traders together with Golden Ventures, Afore Capital, Inovia Capital, Thomvest and Maple VC.
This funding follows latest information of Neo’s newly acquired workplace house in Winnipeg’s Alternate District that may function its second headquarters, along with its downtown Calgary workplace. Neo is hiring for over 100 roles in software program improvement and engineering, product, design, operations, and extra. These involved in studying extra concerning the alternatives at Neo can go to neofinancial.com/careers.
For extra info on Neo, go to NeoFinancial.com
About Neo Monetary:
Neo Monetary (Neo) is a expertise firm working laborious to construct a greater monetary expertise for all Canadians. Based in 2019 by co-founders of SkipTheDishes, Neo is re-imagining spending, financial savings and rewards through the use of expertise to simplify funds, create rewarding experiences, and construct neighborhood for all Canadians. Neo companions with over 4,000 retail and e-commerce companions throughout the nation to assist companies purchase new clients, drive incremental gross sales, and maintain buyer loyalty.
Via partnerships with main monetary establishments, Neo offers members with a protected and safe approach to spend and save. Neo’s bank card is issued by ATB Monetary and backed by the Mastercard community, and the Neo Financial savings account is offered by Concentra Financial institution, a CDIC member establishment, and is eligible for CDIC deposit safety. Neo is headquartered in Calgary, AB and Winnipeg MB, and is backed by prime traders throughout North America. To be taught extra, please go to neofinancial.com.