Neo Financial
Neo Financial Technologies Inc. (Neo Financial) is a Canadian financial technology company headquartered in Calgary, Alberta. The company itself is not a bank, but does provide digital banking products. Neo Financial partnered with ATB Financial, Mastercard, and Concentra Bank for its banking products, which are accessible through a mobile app or web portal.[1] These products include a rewards credit card and a high-interest everyday banking account.[2]
History[edit]
Neo Financial was founded in 2019 by Andrew Chau, Jeff Adamson, and Kris Read. Neo Financial was started to challenge the Big 5 Banks in Canada.[3] In 2020, Neo Financial raised $50 million in Series A financing,[1] and in 2021 the company raised an additional $65 million in Series B funding led by Peter Thiel.
In February 2021, Neo announced a partnership with Hudson’s Bay Company to offer a digital, no-fee Hudson’s Bay Mastercard.[4] Capital One was the previous card issuer from 2010 to 2021.[5] The card offers a combination of points when shopping at Hudson’s Bay, and cashback at Neo Financial’s local and national partners.
Company Overview[edit]
Neo Financial was founded in 2019 by Andrew Chau, Jeff Adamson, and Kris Read.
Neo Financial’s first office headquarters is located in Calgary, Alberta.[1] Neo Financial announced plans in August, 2021 to expand its office in Winnipeg, Manitoba into a second headquarters.[6] The company’s mobile and web applications are available nationwide.[1]
Products[edit]
Neo Financial offers a high cashback credit card and a high interest bank account.[2] Account holders have access to Neo Financial’s online banking platform through the web portal or the mobile app for Android and iOS.
Through its credit card, Neo Financial partners with thousands of companies to provide its cardholders with cashback. As of September 2021, there are over 4,000 partners on the company’s cashback network.
Neo Financial’s CEO, Andrew Chau noted in an interview that the high cashback credit card and high interest savings accounts are just the beginning. They have further plans to develop products across the entire financial stack.
See Also[edit]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 Stephenson, A. (December 16, 2020). "Calgary tech firm Neo financial raises $50M in funding round". Calgary Herald.
- ↑ 2.0 2.1 Klemp, T. (June 11, 2021). "How Neo financial is reimagining the banking experience". Avenue Magazine. Unknown parameter
|url-status=ignored (help) - ↑ Silcoff, S. (February 27, 2020). "SkipTheDishes founders target big banks with new startup, digital fintech company Neo Financial". The Globe and Mail. Unknown parameter
|url-status=ignored (help) - ↑ Press, T.C. (February 9, 2021). "Hudson's Bay teams up with Neo Financial to offer new credit card". BNN Bloomberg.
- ↑ Khan, A. (October 29, 2020). "Capital one ending Costco and Hudson's Bay contracts, closing offices in Montreal and Toronto". Yahoo! Finance.
- ↑ Snell, J (August 21, 2021). "Neo Financial's 'Second HQ' creating 300 jobs in Winnipeg". Winnipeg Sun. Unknown parameter
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