Canadian Fintech Company Neo Financial Raises CAD $360 Million in Series D Funding Round

Neo Financial, a prominent Canadian financial technology company, has successfully secured a total of CAD $360 million in its Series D fundraising round. This impressive amount comprises CAD $110 million of equity and CAD $250 million of debt. The funding round saw investments from esteemed Canadian founders and entrepreneurs, including Tobi Lütke, Stewart Butterfield, David Baszucki, and Mike Wessinger, as well as support from existing investors such as Valar Ventures, Golden Ventures, Afore Capital, and Thomvest Ventures.

The fundraising will facilitate the acceleration of product development, enabling Neo to enhance its offerings, AI-driven insights, automations, and features. Notably, Neo now provides a range of products, including premium credit cards, competitive mortgage rates, AI money insights, high-interest savings accounts, automated savings options, and instant bill pay, in addition to essential banking functionalities. The company's recent achievements include securing the top spot in The Globe and Mail's 2024 List of Canada’s Top Growing Companies and #1 on Deloitte’s Technology Fast 50’s Program for the second consecutive year.

Neo Financial has inaugurated its Toronto office, further expanding its presence alongside offices in Calgary and Winnipeg. Neo Financial, founded in 2019, has raised over $650 million in funding and is known for delivering an enhanced financial experience through reimagined spending, savings, investing, and mortgages. The company also collaborates with leading financial institutions to offer a range of financial solutions for businesses and consumers.