Neo Financial, a fintech company headquartered in Calgary, announced a CAD $360 million Series D funding round. Consisting of CAD $110 million of equity capital and a CAD $250 million debt facility, the round saw participation from investors like Valar Ventures and Shopify founder Tobi Lütke.
Aiming to create a rewarding financial experience for individuals, Neo Financial offers various solutions for spending, savings, investments and mortgage loans. Its suite of eight products includes fee-free cash-back credit cards, tailored mortgage rates, AI-powered budgeting insights, high-interest savings accounts, instant bill pay and more.
“Neo Financial’s growth over the last four years reflects Canadians’ strong demand for alternatives to traditional banking. We’re building time and money-saving financial products that will help Canadians for decades to come,” Andrew Chau, Neo Financial’s co-founder and CEO, said in a statement. “This growth capital allows us to continue winning the hearts and minds of Canadians, serving them when they need it the most.”
Backed by its fresh capital, Neo Financial will accelerate product velocity. The company plans to build new products, AI-native insights, automations and features for Canadian customers.
