Neo Financial

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
750 [5] (2024)
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.[3]

History

Neo Financial was founded in 2019 by former SkipTheDishes executives Andrew Chau, Jeff Adamson, Kris Read, and Chris Simair[1]

In September 2020, Neo launched its first Mastercard credit card along with its own merchant partner rewards network offering cashback at participating businesses. [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

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

Credit cards and partnerships

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

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

Neo Financial has raised venture capital and debt financing totalling over 600 million dollars CAD from institutional investors.

  • Series A (December 2020): CAD $50 million (equity and debt)[13]
  • Series B (September 2021): CAD $64 million[14]
  • Series C (May 2022): CAD $145 million[3]
  • Series D (November 2024): CAD $360 million[15]

Media 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.[16] Tencent has previously invested in other large fintechs, including UK-based Monzo[17] and Singapore-based Airwallex.[18]

Reception

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.[19] Similar concerns appear in financial discussion forums, where users have described fraud-related disputes and dissatisfaction with dispute resolution processes.[20]

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.[21]

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.[22]

Industry recognition

Neo Financial has received recognition for its expansion and technological innovation.

  • Ranked first in Deloitte's Technology Fast 50 Companies to Watch (2023)[23]
  • Ranked first overall in Deloitte Canada's Technology Fast 50 (2024)[24]
  • Ranked No. 1 on The Globe and Mail's Canada's Top Growing Companies list (2024)[25]
  • Ranked first for a third consecutive year in Deloitte's Enterprise Industry Leaders category (2025)[26]

Regulation

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. [27]

See also

References

  1. ^ a b c d e 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 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 "Canada's Neo Financial closes on $145M Series C". TechCrunch. 5 May 2022. Retrieved 16 December 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. ^ Jameson Berkow (11 November 2024). "Neo Financial raises $360-million, backed by Shopify's Tobi Lutke, Slack founder Stewart Butterfield, others". The Globe and Mail. Retrieved 16 December 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. ^ "Neo Financial Raises $50 Million in Series A Funding and Debt Financing". Business Wire. 16 December 2020. Retrieved 16 December 2025.
  14. ^ "Neo Financial announces $64 million Series B raise to accelerate growth". Business Wire. 15 September 2021. Retrieved 16 December 2025.
  15. ^ Josh Scott (11 November 2024). "Neo Financial's $360-million Series D features big names, unanswered questions". BetaKit. Retrieved 16 December 2025.
  16. ^ "Tencent's Neo investment comes as national security scrutiny of fintechs ramps up". The Logic. 28 November 2024. Retrieved 16 December 2025.
  17. ^ "Monzo raises £450m from investors including Google and Tencent". Financial Times. Retrieved 16 December 2025.
  18. ^ "Fintech firm Airwallex nears $500 million ARR, plans to be IPO-ready by 2026". CNBC. 15 August 2024. Retrieved 16 December 2025.
  19. ^ "Neo Financial". Better Business Bureau. Retrieved 29 August 2025.
  20. ^ "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.
  21. ^ Dall, Robert (20 March 2025). "Neo Financial isn't a bank". Robert Dall. Retrieved 29 August 2025.
  22. ^ "Neo Financial faces scrutiny over Tencent investment". Decoder. 15 November 2024. Retrieved 29 August 2025.
  23. ^ "Neo Financial Ranks First in Deloitte's 2023 Technology Fast 50 Companies to Watch". Business Wire. 8 November 2023. Retrieved 16 December 2025.
  24. ^ "Deloitte reveals its annual Technology Fast 50 program winners 2024". Deloitte. November 2024. Retrieved 16 December 2025.
  25. ^ "Neo Financial Ranks No. 1 on The Globe and Mail's 2024 List of Canada's Top Growing Companies". Business Wire. 27 September 2024. Retrieved 16 December 2025.
  26. ^ "Canada's Fintech and AI Firms Lead Deloitte's 2025 Fast 50". NCFA. 2025. Retrieved 16 December 2025.
  27. ^ "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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