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Canada’s Neo Financial becomes a unicorn

Canadian fintech Neo Financial has hit unicorn status off the back of a C$185 million Series C funding round led by Valar Ventures.

Tribe Capital and Maple VC joined the round for Neo, the Calgary-based outfit founded in 2019 by the co-founders of food courier company SkipTheDishes.

Neo has signed up more than one million users since launching with the ambition of shaking up a Canadian market dominated by the big five banks with its app-based services.

The firm offers a high-interest savings account, provided by Concentra Bank, and a rewards-based credit card with over 7000 business partners. In the past year it has added a host of other features, including an investing product, while a mortgage offering is in the pipeline.

Says Neo: “We started Neo with the belief that Canadians deserve a better financial experience, and our team of over 650 people have been working tirelessly to reinvent the ways Canadians spend, save, and grow their money – all together, in one place.”

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