Calgary-born fintech Neo Financial has secured a $360 million Series D fundraising round consisting of $110 million of equity and $250 million of debt.
The funding round includes investments from renowned Canadian founders and entrepreneurs including Tobi Lütke (Shopify), Stewart Butterfield (Slack), David Baszucki (Roblox), and Mike Wessinger (PointClickCare). Existing investors, including Valar Ventures, Golden Ventures, Afore Capital, and Thomvest Ventures, also participated in this round.
Two years ago, Neo offered just a single product – today, Neo offers eight products and has established near-product parity with the legacy Canadian banks.
“Neo Financial’s growth over the last 4 years reflects Canadians’ strong demand for alternatives to traditional banking,” said Andrew Chau, co-founder and CEO of Neo.
“We’re building time and money-saving financial products that will help Canadians for decades to come. Despite being in the lowest period of venture funding that fintech has seen in the last 5 years, we’ve been able to raise one of the largest fintech funding rounds globally this year.”
Last week Neo topped Deloitte’s 2024 Technology Fast 50 list with a three-year growth of 154,022 per cent.
Headquartered in Calgary, the company is building a smarter financial experience for all Canadians using the latest technology. Specializing in savings and credit products, Neo Financial is on a journey to reshape the financial future for millions of people in Canada.
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