Calgary-based Neo Financial has taken a major step deeper into Canada’s payments infrastructure, becoming a direct participant in Interac e-Transfer.
The move makes Neo the first pure-play fintech in Canada to join the network under the country’s new Retail Payment Activities Act (RPAA) framework, marking a milestone not just for the company, but for Calgary’s growing fintech ecosystem.
For Neo, the shift unlocks direct access to one of Canada’s most widely used financial rails, enabling the company to move faster in building and delivering payment features to its more than one million customers.
“Under the hood, this is about access,” said co-founder Jeff Adamson in a LinkedIn post. “We now have the direct connectivity to move at our own speed, ship the features our customers want, and own the end-to-end experience.”
Interac e-Transfer processed more than 1.6 billion transactions last year and remains a core part of how Canadians send and receive money. Historically, direct access to that infrastructure has been limited to banks and a small number of financial institutions.
Neo’s participation reflects a broader shift as regulated payment service providers begin to gain direct entry into foundational financial systems, opening the door to increased competition and innovation.
“This level of access is a win for competition and a win for every Canadian who wants more choice in how they move their money,” Adamson added.
Founded in Calgary in 2019, Neo has rapidly scaled into one of Canada’s most prominent fintech companies, raising more than $650 million and expanding into credit, savings, mortgages, and embedded finance. The company now employs teams across Calgary, Toronto, and Winnipeg.
The milestone also reinforces Calgary’s emergence as a fintech hub, with Neo among a growing cohort of companies building financial infrastructure and consumer-facing platforms from the city.
By gaining direct connectivity to Interac, Neo is expected to accelerate product development and reduce reliance on intermediary partners, positioning it more competitively against both incumbents and a new wave of digital challengers.
As Canada’s payments system continues to evolve under new regulatory frameworks, Neo’s move signals a shift toward a more open and competitive financial ecosystem—one increasingly shaped by fintech innovation coming out of cities like Calgary.
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