Canadian Fintech Neo Financial Achieves Unicorn Status

Neo Financial is pleased to confirm that they recently secured $185 million in new funding “to continue building better, more modern financial services for all Canadians.”

According to Neo Financial, this is “a historic milestone for [them,] as [they] are now one of only a few Canadian tech companies to have reached ‘unicorn’ status (meaning a company valued at over $1B).”

Their backers reportedly 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.”

Neo Financial noted in a blog post that they “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.”

They’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?”

The firm also asks “What if your financial services experience was as seamless as Netflix or Spotify?” Additionally, the firm asks, “What if getting a mortgage could be a fully digital experience? What if the future of banking wasn’t a bank?”

The team claims they have 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.”

More than one million customers now “trust Neo to help them spend smarter, earn more, save more time, and this is a responsibility we take seriously.”

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 they “remain steadfastly focused on.”

In the past year alone:

  • The firm partnered with over 7,000 businesses nationwide – we even featured a few here and here
  • Their 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
  • The firm launched a new nationwide TV brand campaign
  • The firm added 11 new products and features, including Neo Invest, Neo Secured Card, and coming soon: Neo Mortgage‍

This funding is really “just the start of the wave of innovation that we’re building.”

They’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.”

The team is here “to build an enduring company that will benefit all Canadians, for generations to come.”

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