Neo Financial is building next generation spending and savings technology to give Canadians the most rewarding experience
Today, Neo Financial (Neo) is pleased to announce a new, modern and seamless way to spend and save, soon to launch across Canada. Neo, a technology company created by two of the co-founders of SkipTheDishes, is built for Canadians and offers a no-annual-fee credit card and savings account while also giving Neo members access to instant rewards from hundreds of brands – all on one card.
As the first portfolio company under Harvest, a venture builder dedicated to the Prairies, Neo was created to bring much-needed innovation and choice to consumers in Canada – a country where the Big Five banks own approximately 90 per cent market share.
“Today, with just the push of a button, we can hail a ride, have hot food delivered or stream our favourite show on demand, yet, the innovations we see in these industries and around the world have failed to translate into everyday banking,” says Neo co-founder and CEO, Andrew Chau. “This gap is an opportunity to reimagine how spending and savings should be, and we’re building Neo from the ground-up using today’s technology to give Canadians the most rewarding experience.”
Neo is starting with a next-generation credit card with rewards that are accessible to all Canadians, regardless of income or credit rating. To achieve this, Neo is partnering with thousands of local and national brands to provide Canadians with rewards that are easy to use and relevant to them.
In addition, Neo is partnering with a Canadian bank to provide access to a savings account with a high-interest rate that’s available to everyone, without promotional periods or minimum balances. This comes with relevant and personalized financial literacy tools to create excellent habits, based on the principles of the tech products and services tens of millions of Canadians rely on every day.
Neo is set to launch in the coming months with Calgary as the first pilot market and then plans to roll out across Canada soon after. Currently, thousands of people have joined the Neo waitlist and hundreds of brands and local stores have already signed up for the launch. Neo invites Canadians to sign-up to the waitlist to gain access on a first-come, first-serve basis.