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Neo Financial

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Neo Financial
Company 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

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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

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

Credit cards and partnerships

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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

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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

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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

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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

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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

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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

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References

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  1. ^ a b c d Simpson, Meagan (23 September 2020). "SkipTheDishes co-founders look to shake up banking as Neo Financial hits the market". BetaKit. Retrieved 28 August 2025.
  2. ^ a b c Alcaraz, Charlize (12 January 2022). "Neo Financial to bolster presence in Calgary with 113,000 square feet of new office space". BetaKit. Retrieved 28 August 2025.
  3. ^ a b c Azevedo, Mary Ann (5 May 2022). "Canada's Neo Financial closes on 145 million dollar Series C, surpasses 1 million customers". TechCrunch. Retrieved 28 August 2025.
  4. ^ a b c Simpson, Meagan (14 April 2022). "With new investment product, is Neo Financial's biggest competition now Wealthsimple and Questrade or the big banks". BetaKit. Retrieved 28 August 2025.
  5. ^ a b "Neo Financial Ranks First in Deloitte's 2023 Technology Fast 50 Companies-to-Watch". Business Wire. 8 November 2023. Retrieved 29 August 2025.
  6. ^ a b "Neo Financial teams up with Concentra Bank to offer CDIC-eligible savings". Associated Press via Business Wire. 13 January 2021. Retrieved 28 August 2025.
  7. ^ a b "Introducing the Neo Everyday account". Neo Financial Help Centre. 27 June 2024. Retrieved 28 August 2025.
  8. ^ Simpson, Meagan (2 November 2021). "Manitoba grants Neo Financial 1.6 million dollars to expand Winnipeg workforce". BetaKit. Retrieved 28 August 2025.
  9. ^ "Hudson's Bay teams up with Neo Financial to offer new Hudson's Bay Mastercard". CityNews Kitchener. The Canadian Press. 9 February 2021. Retrieved 28 August 2025.
  10. ^ "Hudson's Bay Mastercard is changing to the Neo Mastercard". Neo Financial Help Centre. 20 August 2025. Retrieved 29 August 2025.
  11. ^ "Canada's oldest company to liquidate all but six stores starting Monday". Associated Press. 22 March 2025. Retrieved 28 August 2025.
  12. ^ "Coffee lovers rejoice, Tim Hortons now has its own credit card". Forbes Advisor Canada. 24 July 2023. Retrieved 28 August 2025.
  13. ^ Pathe, Tyler (13 November 2024). "Canadian fintech Neo Financial raises 258 million dollars in mix of equity and debt funding". FinTech Futures. Retrieved 28 August 2025.
  14. ^ Scott, Josh (13 November 2024). "Neo Financial takes aim at Canadian banks with 360 million dollar Series D". BetaKit. Retrieved 28 August 2025.
  15. ^ "Neo Financial". Better Business Bureau. Retrieved 29 August 2025.
  16. ^ "I was stolen 2.9k thanks to Neo Financial's unsured system design and they don't care". High Interest Savings. 17 March 2025. Retrieved 29 August 2025.
  17. ^ Dall, Robert (20 March 2025). "Neo Financial isn't a bank". Robert Dall. Retrieved 29 August 2025.
  18. ^ "Neo Financial faces scrutiny over Tencent investment". Decoder. 15 November 2024. Retrieved 29 August 2025.
  19. ^ "Neo Financial Secures Top Spot on Deloitte's Technology Fast 50's Program for 2024". Business Wire. 6 November 2024. Retrieved 29 August 2025.
  20. ^ "Neo Financial snags top spot on Deloitte's 2024 Technology Fast 50". BetaKit. 6 November 2024. Retrieved 29 August 2025.
  21. ^ "Neo Financial Technologies Inc. (Registration # M22733289) is a money services business registered with FINTRAC; initial registration date 8 November 2022". OpenGovCA – Canadian Money Services Business Registry. Retrieved 29 August 2025.
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