Neo Financial
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.
History
Neo Financial was founded in 2019 by former SkipTheDishes executives Andrew Chau, Jeff Adamson, Kris Read, and Chris SimairIn September 2020, Neo launched its first Mastercard credit card along with its own merchant partner rewards network offering cashback at participating businesses.
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. In 2024 Neo transitioned to Peoples Bank of Canada as its partner for new and existing everyday accounts.
In 2022, the company expanded in Calgary with new offices in the Edison tower and the Hudson’s Bay building. Neo maintains a secondary headquarters in Winnipeg, supported by a provincial expansion grant.
Products and services
Neo Financial provides various financial services, including credit cards, deposit accounts, and mortgage services.Credit cards
Neo offers both secured and unsecured versions across its credit card portfolio.Neo-branded cards
- Neo Mastercard
- Neo World Mastercard
- Neo World Elite Mastercard
Co-branded cards
- Hudson’s Bay Mastercard powered by Neo
- Tim Hortons Mastercard powered by Neo
- Cathay World Elite Mastercard powered by Neo
Deposit accounts
Neo offers chequing, savings, and cash deposit accounts. Eligible deposits are held with partner banks and are insured by the Canada Deposit Insurance Corporation.- Neo Everyday Account
- Neo High-Interest Savings Account
- Neo Savings
Mortgages
Neo Mortgage provides residential mortgage products through regulated lending partners.Investing
Neo Invest provides access to registered and non-registered investment accounts through partner investment dealers, one of them being OneVest.Merchant rewards network
Neo operates a merchant rewards network offering cashback at participating businesses. According to independent reports, the network includes over 11,000 partners across Canada.Funding
Neo Financial has raised venture capital and debt financing totalling over 600 million dollars CAD from institutional investors. Series A : CAD $50 million Series B : CAD $64 millionSeries C : CAD $145 millionSeries D : CAD $360 millionMedia coverage in 2024 noted that the Series D round included investment from Tencent, a Chinese technology conglomerate, prompting public discussion related to national-security considerations. Tencent has previously invested in other large fintechs, including UK-based Monzo and Singapore-based Airwallex.
Reception
Neo Financial has received mixed public reception. On the Better Business Bureau website, the company has a low rating based on customer reviews, with complaints frequently citing delays in customer service responses and rewards related issues. In contrast, Neo Financial’s mobile application is rated positively on major app distribution platforms, with an average rating of 4.7 out of 5 on Google Play and 4.8 out of 5 on the Apple App Store, based on tens of thousands of user reviews.Some observers have raised questions about consumer protection given Neo's structure as a financial technology company using partner banks rather than operating as a licensed bank. While this distinction is important for consumers to understand, Canadian regulators recognize this fintech model as a viable structure. Like Koho and Wealthsimple, Neo offers savings and chequing accounts without holding a banking license, with customer funds held at CDIC-insured Canadian licensed banks, providing equivalent deposit protection to traditional banks.
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.
Industry recognition
Neo Financial has received recognition for its expansion and technological innovation.- Ranked first in Deloitte's Technology Fast 50 Companies to Watch
- Ranked first overall in Deloitte Canada's Technology Fast 50
- Ranked No. 1 on The Globe and Mail's Canada's Top Growing Companies list
- Ranked first for a third consecutive year in Deloitte's Enterprise Industry Leaders category