Neo Financial Raises $185 Million in Funding

To accelerate its expansion, Neo, an emerging fintech firm, announced that it has secured $185 million in its Series C funding round. The recent investment round has pushed the valuation of Neo Financial to over $1 billion.

With the status of a unicorn, Neo is one of the most valuable fintech startups in North America. According to the fintech firm, it now has more than 1 million customers within three years of its inception. To date, Neo has raised a total of almost $299 million.

Through the recent $185 million funding round, Neo aims to become the ‘one-stop-shop’ for financial services in the region. Additionally, the fintech company announced its plan to add more than 100 people across its Winnipeg and Calgary tech campuses this year.

“By working with businesses to embed their offerings into the way that consumers shop, Neo is proving to be a powerful financial partner. We set out to build an iconic brand that would bring businesses and customers together, adding more value and creating products that Canadians love by giving them a new way to manage their money. Today, more than a million Canadians hold an account with Neo, and this investment will allow us to continue pushing the boundaries of financial services and innovate in ways that benefit all Canadians,” said Andrew Chau, the Co-Founder and CEO of Neo Financial.

Backing

Neo has received support from some of the leading names in the venture capital industry. According to Andrew McCormack, a Founding Partner of Valar Ventures, Neo has the potential to be a disruptive force in the Canadian banking sector.

“The pace at which this team releases new products and grows its customer base is among the fastest we have seen in our careers. As a result, Neo can be the biggest disruption the Canadian banking industry has seen in decades, and their influence on financial services available to Canadians will impact the lives of millions. We see that Neo’s approach to partnering with retailers is a huge win for both the companies and their customers,” McCormack said.