Neo Financial raised CAD $360M in a Series D funding round led by notable Canadian founders to accelerate its growth and position as a leading challenger to banks in Canada.

Nov 11, 2024•9 months ago

Amount Raised

$360 Million

Round Type

series d

CalgaryFinancial ServicesMobile

Investors

Thomvest VenturesAfore CapitalGolden VenturesValar VenturesMike WessingerDavid BaszuckiStewart ButterfieldTobi Lütke

Description

Neo Financial announced their CAD $360 million Series D fundraising round, which includes CAD $110M of equity and CAD $250M of debt. The funding involved prominent investors including Tobi Lütke, Stewart Butterfield, and David Baszucki, alongside existing investors Valar Ventures and others.

Company Information

Company

Neo Financial

Location

Calgary, Alberta, Canada

About

Neo Financial is a technology company building a more rewarding financial experience through reimagined spending, savings, investing, and mortgages. Founded in 2019 by the co-founders of SkipTheDishes, Neo Financial has raised more than $650 million in funding and has been recognized as Canada’s top-growing company by The Globe and Mail and Deloitte. Neo is headquartered in Calgary, Winnipeg, and Toronto and is backed by top-tier investors across North America. Through partnerships with leading financial institutions, Neo Financial provides customers with safe and secure ways to spend (Neo Financial’s suite of credit and prepaid cards), Everyday banking products (Neo Money™), investment solutions (Neo Invest™), and low-rate mortgages (Neo Mortgage). Neo for Business powers financial solutions for Tim Hortons, Cathay Pacific, Hudson’s Bay, and over 10,000 other partners across the country.

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Funding Insights

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VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

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