Neo Financial

Neo Financial, a Calgary-based fintech startup, faces intensified scrutiny after Tencent, a reported key investor, was blacklisted by the U.S. Defense Department for alleged links to China’s military. Tencent led Neo’s recent $362-million Series D funding, securing a 10% stake. Neo seeks approval as a payments provider under Canada’s new Retail Payments Activities Act, which includes a national security screen.

The startup emphasized its Canadian control and client data protections. However, with foreign ownership under scrutiny, Neo’s application could face delays. Tencent denies military ties, calling its blacklisting a “mistake.” Neo serves 1.3 million customers and expects profitability in 2025.

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Calgary’s Neo Financial has had a standout 2024, achieving first place in Deloitte Canada’s Technology Fast 50 with three-year growth exceeding 150,000% and topping Report on Business’s Canada’s Top Growing Companies with 38,000% revenue growth. The fintech expanded partnerships with CI Financial and the Canadian Elite Basketball League while launching new features, including credit-building tools for newcomers.

Neo capped the year with a $360M Series D fundraising round, backed by notable investors like Tobi Lütke and Stewart Butterfield. Despite the success, shares were issued at reduced valuations, with a majority sold to a Chinese investor.

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Neo Financial, Canada’s fast-rising fintech leader, raised $360 million in Series D funding—$110M equity and $250M debt—from renowned investors, including Shopify’s Tobi Lütke and Slack’s Stewart Butterfield.

With backing from existing supporters like Valar Ventures, Neo aims to challenge traditional banks with products such as high-interest savings accounts, premium credit cards, and AI-powered budgeting tools. Founded just four years ago, Neo has rapidly expanded, now offering eight products to Canadians. As part of its growth, Neo opened a new Toronto office on Bay Street.

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Calgary’s Neo Financial has been ranked No. 1 on the 2024 Report on Business magazine’s list of Canada’s Top Growing Companies, thanks to an astounding three-year revenue growth of 38,431%. Founded in 2019, Neo Financial offers modern financial solutions, including high-interest savings accounts, cashback credit cards, and competitive mortgage options.

Co-founder Jeff Adamson credited the company’s growth to the dedication of its team and a desire for change among Canadians. Neo Financial’s success highlights a shift in the financial landscape as more people seek alternatives to traditional banking.

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In a collaborative effort, Neo Financial, Cathay, and Mastercard have introduced the new Cathay World Elite® Mastercard®, powered by Neo. This Canadian card, the first of its kind, directly earns Asia Miles, offering premium rewards, travel benefits, insurance coverage, and Neo app digital features.

Notably, it’s the first World Elite Mastercard in Canada with a secured credit option, providing guaranteed approval for newcomers to the country with no credit history.

Cardholders will enjoy accelerated Asia Miles earnings at over 12,000 Neo rewards partners across Canada. Travel perks include priority online check-in, lounge access, and insurance coverage, complemented by Neo’s leading digital experience.

Neo’s CEO, Andrew Chau, celebrated this milestone partnership, emphasizing the card’s exceptional value, especially for newcomers.

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Calgary-based Neo Financial joins forces with Cathay Pacific to introduce an innovative travel card catering to wanderlust-driven Canadians.

Offering the exclusive Asia Miles rewards, the card promises an array of premium travel benefits, robust insurances, and user-friendly digital tools within the Neo app. The program’s unique feature is the secured option, granting newcomers to Canada instant approval without a credit history.

With a legacy of linking Hong Kong and Canada, Cathay Pacific celebrates its 40th year by granting Neo cardholders up to 45,000 Asia Miles, ensuring a memorable travel experience.

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Calgary-based Neo Financial has launched Neo Secured Credit, a card aimed at helping Canadians establish credit with guaranteed approval.

This innovative product caters to individuals struggling to obtain credit or looking to improve their credit scores.

Cardholders can set their own credit limits and earn instant cashback. The card offers an average of 5% cashback on purchases from over 10,000 rewards partners.

Neo Financial aims to provide financial tools for all Canadians and expand its offerings to meet diverse needs.

Neo Secured Credit stands out by offering premium features and rewards to all, regardless of credit history.

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