Funding growth: Announcing our Series B raise

September 15, 2021
5 mins
Funding growth: Announcing our Series B raise
Neo makes powerful financial tools to help you grow and manage your money. Learn more.

Today, we announced the next stage of growth for Neo with the close of a $64M Series B round, one of the largest Series B fundraising rounds for a fintech company in Canada. This raise validates more than the problems we are tackling, but our ability to solve them. Reimagining the way Canadians bank is no easy feat, but it’s a challenge that our team is tackling head on. This only accelerates our ability to make a significant impact on Canada’s financial sector.

With many notable investors in our corner, our Series B includes Valar Ventures, who also led our Series A, and Greenoaks Capital, who were early investors in Robinhood, Stripe, Discord, and Databricks. Altos Ventures, who backed Korean Challenger Bank, Toss, which is now valued at over CAD$9.4 billion, is also on the list!  We’re excited to have partners who share the same ambition and vision for Canada as we do, and the experience building and backing world-class, game changing tech companies.

With 90 per cent of the Canadian market share owned by the Big Five banks, Neo was built to offer Canadians what they’ve been lacking: choice and innovation. We’re all doing more for Canadians, and in the past year alone, we have: 

  • Continued to offer one of Canada’s highest interest rate savings accounts at 1.3%*, complete with unlimited, free e-Transfers, bill pay, and the ability to move money between your banks (both in and out of Neo - because it should be easy to do that)
  • Expanded nationwide, including Quebec, to over 4,000 retail partners, where cardholders can earn an average of 4-6%† cashback when they spend with their no-annual-fee Neo Card
  • Launched fully featured web banking (in addition to already having iOS and Android)
  • Introduced three flexible, monthly rewards plans that earn Neo members more cashback on every purchase
  • Grown our team from 110 to over 350, with more than 75 open roles in Calgary and Winnipeg
  • Opened up a second headquarters in Winnipeg’s downtown Exchange District, in addition to our downtown Calgary office

Humble roots 

What started as an idea on a scrap piece of paper, has rapidly accelerated to over 350 employees in two major cities, all within just two years. We would not have achieved any of this without the hard work and tenacity of our talented, perseverant, and passionate team.

We’re continuing to invest in talent. In September, we moved into our second headquarters in Winnipeg's Exchange District where we are expanding our team of software developers, engineers, designers, and more.

If you’re interested in impactful innovation and would thrive in a fast-paced environment, check out our open roles here.

What's next?

We believe banking should be an approachable, accessible and rewarding experience for all Canadians. That’s why we’re developing new and exciting things, like:

  • Spend insights: It’s important to know where your money is going. We’re excited to help Canadians buy better with personalized insights into their spending patterns. 
  • Inclusive products: Regardless of credit scores, financial history or literacy, underserved Canadians can soon benefit from Neo. 
  • Customized cards: Who said credit cards had to be boring? Members will soon be able to customize their Neo Card to match their personalities. 
  • Flexibility: We’re developing financial solutions that support Canadians throughout every stage of their lives. Whether you’re looking to invest for the future, purchase a car, or buy a home - we’ll be there to support you along the way.
  • More rewards: New partnerships are on the way to make spending even more rewarding.

A more rewarding community

We’re not only dedicated to reimagining financial services, but also to giving Canadians more rewarding experiences. Thank you to our dedicated members, investors, partners and team who have joined us on this journey — we’re eager to share what's next!

†Average based on current offers. Cashback varies per offer and partner.

*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

We’re reimagining banking for all Canadians

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Join the Neo community and get cashback like never before

We've curated a community of businesses that give you an average 4%+¹ unlimited cashback for shopping local, big box, and everything in between.

¹ Average based on current offers. Cashback varies per offer and partner.
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