Neo Financial Lands $185 Million In Funding for Its Modern Financial Services

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team
Published on May 6, 2022

Neo Financial is a rapidly-growing Canadian startup that aims to provide fantastic financial services to all of its customers. Moreover, it has achieved the impressive feat of reaching unicorn status, without showing any signs of slowing down. Whether it is providing cashback through its card or connecting people with local businesses, Neo Financial stands out and is a company to keep an eye on. To learn more about the company and its latest funding round, take a look at the announcement below.

Today, we’re excited to announce that we’ve raised $185M in new funding to continue building better, more modern financial services for all Canadians. This is a historic milestone for us, as we are now one of only a few Canadian tech companies to have reached ‘unicorn’ status (meaning a company valued at over $1B).

Our backers consist of some of the top global investors, including Valar Ventures, Tribe Capital, Maple VC, and more – the same investors that have backed iconic brands and technology companies like Facebook, Shopify, SkipTheDishes, Spotify, Etsy and more – so we’re in good company.

We started Neo with the belief that Canadians deserve a better financial experience, and our team of over 650 people have been working tirelessly to reinvent the ways Canadians spend, save, and grow their money – all together, in one place. We’re constantly challenging the status quo, and asking the questions that should be asked: What if you only needed one loyalty card instead of 20? What if your financial services experience was as seamless as Netflix or Spotify? What if getting a mortgage could be a fully digital experience? What if the future of banking wasn’t a bank?

We’ve been able to bring together 7,000+ of Canada’s top national and local businesses, including Home Depot, Hudson’s Bay, Goodfood, H&R Block, Boston Pizza, and more – where you can earn cashback, get exclusive perks, subscriptions, and have new ways to pay. Over one million customers trust Neo to help them spend smarter, earn more, save more time, and this is a responsibility we take seriously.

Challenging the status quo

While this funding milestone is significant, what matters most is challenging the status quo and providing a better financial future for all Canadians. This is what we remain steadfastly focused on. In the past year alone:

  • We’ve partnered with over 7,000 businesses nationwide – we even featured a few here and here
  • Our team more than doubled in size, growing to over 650 people across our Canadian offices
  • The Neo Card was voted the best cashback card in Canada
  • The Neo Money account was voted the best bank account in Canada, with one of the highest interest rates, unlimited free transactions, and no monthly fees
  • Over 2 million offers were redeemed by cardholders, putting more money back in the pockets of Canadians
  • We launched a new nationwide TV brand campaign
  • We added 11 new products and features, including Neo Invest, Neo Secured Card, and coming soon: Neo Mortgage

‍It’s time for new

This funding is really just the start of the wave of innovation that we’re building. We’re answering the question, “What if the future of banking wasn’t a bank?” by defining what’s possible, and going out and creating it too. We’re here to build an enduring company that will benefit all Canadians, for generations to come. See for yourself and join 1M+ other Canadians in our journey to improve financial services for all.

The original announcement can be found on Neo Financial’s website.

By Spencer Hulse Spencer Hulse has been verified by Muck Rack's editorial team

Spencer Hulse is the Editorial Director at Grit Daily. He is responsible for overseeing other editors and writers, day-to-day operations, and covering breaking news.

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