Neo Financial
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Neo Financial Technologies Inc. is a Canadian financial technology company headquartered in Calgary, Alberta. The company provides low- and no-fee, digital banking products, including a rewards credit card and a bank account that pays high-interest on balances. As of 2020, Neo has raised $50 million in private funding[1].
Neo’s rewards credit card is issued by ATB Financial and backed by the Mastercard network. The Neo savings account is provided by List of banks and credit unions in Canada|Concentra Bank, a Canada Deposit Insurance Corporation member institution.
Overview
Neo Financial was founded in 2019 by Andrew Chau (Chief Executive Officer), Jeff Adamson (Head of Partnerships), and Kris Read (Head of Engineering) as a digital alternative to traditional banking[2]. According to LinkedIn, the company has approximately 300 employees.
The founding team of Neo Financial previously founded SkipTheDishes in 2012. SkipTheDishes was sold to Just Eat Takeaway|Just Eat Takeaway.com for $200 million in December 2016[3].
Products
Neo Financial launched with a no annual fee rewards credit card and a bank account that pays high interest on deposits. This is made possible due to digital banks’ lower cost structures and lack of branches, allowing Neo to pay out higher interest than traditional brick and mortar banks.
Through its rewards credit card, Neo partners with thousands of brands to provide its cardholders with cashback. Account holders have access to the Neo online banking platform through the web portal or the mobile app for Android (operating system)|Android and iOS.
Hudson’s Bay Company Partnership
In February 2021, Neo announced a partnership with Hudson's Bay Company|Hudson’s Bay Company to offer a digital, no-fee Hudson’s Bay Mastercard[4]. The previous card issuer was Capital One, beginning in 2010. The card offers a combination of points when shopping at Hudson’s Bay and cashback at Neo’s local and national partners.
References
- ↑ "Peter Thiel, Tobi Lütke among backers of $25-million funding for Calgary bank challenger Neo". Retrieved 2021-06-09.
- ↑ Toneguzzi, Mario (2020-02-27). "Digital alternative to big banks being launched in Calgary". YYCCalgaryBusiness. Retrieved 2021-06-09.
- ↑ "Winnipeg startup SkipTheDishes gobbled up by Britain's Just Eat". Retrieved 2021-06-09.
- ↑ "Hudson's Bay and Neo Financial Announce Strategic Partnership That Delivers a More Rewarding Digital-First Credit Experience for Canadians". www.businesswire.com. 2021-02-09. Retrieved 2021-06-09.
External links
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