Few startups in Canada have experienced the recent run that Calgary’s Neo Financial has.
In 2024, the rapidly growing fintech has struck multiple partnerships, launched new features, raised serious capital, and topped major national lists.
Specific achievements for Neo’s banner year include an impressive first place in Deloitte Canada’s Technology Fast 50, representing both the financial technology sector and the city of Calgary as the company reported an impressive three-year growth of more than 150,000%.
Neo also ranked #1 in Report on Business magazine’s annual ranking of Canada’s Top Growing Companies with reported revenue growth north of 38,000%.
“Our No. 1 ranking on Canada’s Top Growing Companies list is a testament to the hard work of our team and the trust our customers have placed in us,” Neo cofounder Jeff Adamson stated in September. “This recognition highlights a broader movement in Canada—people want change.”
Throughout the year, the fintech announced partnerships with various organizations, from the Canadian Elite Basketball League to Toronto’s CI Financial.
And in addition, the company unveiled new features and product enhancements, such as credit-building solutions targeting newcomers to Canada. Within two years, Neo has evolved its suite of offerings from one product to eight.
“Both new and existing Canadians are constantly playing catch up,” chief executive officer Andrew Chau said in May. “At Neo we’re focused on improving the Canadian financial experience and reducing financial stress wherever possible.”
As we approach the end of the year, the Canadian fintech is hardly resting on its laurels. Just this month, Neo announced $360 million in Series D fundraising.
The sizeable round included investments from multiple Canadian entrepreneurs such as Shopify founder Tobi Lütke, Slack founder Stewart Butterfield, Roblox’s David Baszucki, and PointClickCare founder Mike Wessinger, as well as existing investors Valar Ventures, Golden Ventures, Afore Capital, Thomvest Ventures, and Vancouver’s Version One Ventures.
Amidst all the positive news, a report by The Logic recently revealed that shares in the fundraising round were issued at a fraction of their previous value, and that the majority of the shares the company issued in this round were sold to a single buyer based in China.
Neo was founded in 2019.
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