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Neo Financial

Neo Financial

Neo Financial is a Calgary-based company founded in 2019.

Neo Financial Technologies Inc. is a Canadian financial technology company headquartered in Calgary, Alberta. The company combines digital banking and credit card features, with a network of merchant reward offerings that are personalised to individual spending behaviour.

Company Overview

Neo Financial was founded in 2019 by Andrew Chau, Jeff Adamson, and Kris Read in Calgary, Alberta as a digital alternative to traditional banking. Neo Financial offers a no-annual-fee credit card and savings account that pays a high-interest on balances.

In comparison to standard cash back or points-based cards, Neo partners directly with merchants and provides customers with instant rewards that are tracked within the Neo app.

Neo is one of the first portfolio companies under Harvest, a venture builder in the Canadian Prairies, started by Chris Simair, a co-founder of SkipTheDishes.

Founding Team

The founding team of Neo Financial experienced success in the Canadian start-up world, founding SkipTheDishes in 2012. SkipTheDishes was sold to JustEat for $200 million in December 2016.

Funding

Neo has raised funds in an undisclosed round, as the company is currently privately funded.

Business Model

In contrast with traditional Canadian banks, Neo does not have any physical locations or branches and does not charge monthly fees for the high-interest Neo Savings account. For the Neo credit card, which is a Mastercard, it does not have an annual fee. Like other digital banks, customers can access their account through a mobile app for iOS and Android.

Timeline

September 15, 2021
Neo Financial closes a $64,000,000 CAD Series B round led by Peter Thiel-backed Valar Ventures with participation from Greenoaks Capital, Altos Ventures, and Breyer Capital.
September 15, 2021
Neo Financial raises a $64,000,000 series B round.

Funding rounds

People

Name
Role
LinkedIn

Andrew Chau

Co-Founder

Jeff Adamson

Co-Founder

Kris Read

Co-Founder

Further reading

Title
Author
Link
Type
Date

SkipTheDishes founders target big banks with new startup, digital fintech company Neo Financial

Web

February 27, 2020

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Meagan Simpson
September 15, 2021
BetaKit
Having secured new equity capital from a notable group of investors, Neo Financial is furthering its push to become a full-stack digital bank.
FinSMEs
September 15, 2021
FinSMEs
About | Advertise | Contact | Disclaimer | News | The Daily Deal Newsletter FinSMEs.com by FinSMEs is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
Meagan Simpson
June 23, 2021
BetaKit
Golden Ventures has closed two funds, including an opportunity fund, worth a combined $147 million CAD to expand beyond early-stage investing.
Douglas Soltys
June 6, 2021
BetaKit
Neo Financial co-founder and CEO Andrew Chau talks Open Banking, financial innovation, and how he plans to compete with the Big Five banks (and Wealthsimple).
Kevin Carmichael
May 6, 2021
financialpost
SkiptheDishes and Neo Financial founder seeing firsthand how government can create hurdles to innovation
Meagan Simpson
December 16, 2020
BetaKit
Neo Financial, the newest Canadian challenger bank startup looking to shake up the financial sector, has announced $50 million CAD.

References

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