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Calgary’s Neo Financial has completed a $25 million Series A fundraising round alongside $25 million in debt facility financing, bringing this funding round total to $50 million CAD.
Amidst an unprecedented year, this raise marks one of the largest Series A funding rounds in Western Canada. Also notable is who invested in this round: Peter Thiel’s Valar Ventures, Shopify CEO Tobi Lutke, and Calgary’s own Dragon Arlene Dickinson.
Neo is currently hiring for 74 open roles in Calgary and Winnipeg across Creative, Finance, Marketing, Operations, Partnerships, Product, and Technology.
Created by two of the co-founders of SkipTheDishes, Neo is re-imagining spending, savings and rewards by using technology to simplify finances and create rewarding experiences for all Canadians.
“With the tremendous support of our investors, particularly through the challenging circumstances of COVID-19, we’re accelerating the development of Neo’s product offerings and expansion across Canada,” says Neo co-founder and CEO, Andrew Chau.
“Now more than ever we are seeing the need for digital transformation in industries like banking, and Neo is at the forefront of that in Canada. Our team has set out to not only build new technology that challenges Canada’s existing financial sector, but also drives a cultural shift in how Canadians bank.”
In a country where the Big Five banks own 90 percent of the market share, Neo was created to bring much-needed innovation and choice to consumers in Canada. As the new challenger in Canada’s financial sector, Neo’s proprietary technology has been designed to simplify finances and create rewarding experiences for Canadians.
Neo offers Neo Savings, a high-interest savings account that earns members up to 30 times more than the Big Five banks, and the Neo MasterCard and Rewards program that combines spending and savings together on one seamless platform.