Neo Financial has introduced subscription-based bundled rewards, expanding their suite of personalized financial products.
The Calgary-based challenger bank says the Neo Card is the first credit card in Canada to provide members with the power to customize their rewards and benefits, combining multiple premium reward cards into a single card.
“Neo has always believed in technology to allow people to get more out of their money,” stated Andrew Chau, the company’s chief executive officer. “With the launch of our subscription-based Neo Bundles, we’re empowering our members to personalize their own rewards experience through a whole new market of partner-based benefits that suit all lifestyles.”
Neo says the credit card industry has become stagnant with fixed reward offerings. Members can now choose from a variety of cashback boosts, partner services, and app subscriptions in the form of Bundles, and can opt into coverage and benefits as needed through monthly subscriptions.
Bundles include Travel, which features cash back on foreign transactions and travel benefits. There’s also Everyday Essentials, which boosts cash back at places like gas stations and grocery markets.
Neo’s initial set of Bundles is only a beginning; there are more to come in 2023.
Neo’s experience is fully digital, offering a seamless and cohesive integration of subscriptions and products that are easily accessed through the Neo app. With a wide range of benefits made with unique customers in mind, Neo is continuing to reimagine the way Canadians spend, save, and earn rewards.
Founded in 2019 by the co-founders of SkipTheDishes, Neo has raised $299 million in funding from investors and has been recognized as one of the top tech startups in Canada by LinkedIn. In May 2022, Neo reached “unicorn” valuation.