Calgary-based Neo Financial has cut staff as the fintech sharpens its focus after years of rapid expansion. In a LinkedIn post, CEO and co-founder Andrew Chau said the company made difficult changes to simplify the business, increase accountability, and concentrate on the opportunities where Neo can have the greatest impact.
The move follows a busy year that included a $68.5 million raise, a $150 million credit-card securitization with BMO, and direct participation in Interac e-Transfer. Founded in 2019, Neo has raised more than $650 million while building products across credit, savings, mortgages, payments, and embedded finance nationally at scale today.
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