Neo Monetary, a Calgary-based Fintech startup, has closed a $64 million Sequence B funding spherical to revolutionize how folks use their cash.
The spherical was led by Valar Ventures, who additionally led the Sequence B spherical, and counted with participation from Greenoaks Capital, Altos Ventures, Breyer Capital, Golden Ventures, Afore Capital, Inovia Capital, Thomvest, and Maple VC. This brings the full funding raised by the startup since being based in 2019 to $114 million. Andrew McCormack, a founding companion of Valar Ventures, referred to this funding by stating:
“We’re an increasing number of impressed by the crew at Neo Monetary. The tempo at which they’ve constructed and proceed to increase their know-how, platform, and new enterprise partnerships is among the many quickest now we have seen in our profession. The Neo crew is bringing a singular platform to the Canadian market; we’re assured that Neo will develop into a large within the Canadian monetary system and enhance the lives of hundreds of thousands of Canadians.”
Neo Monetary supplies its customers with a totally digital monetary platform that provides monetary providers like its Neo Card, Neo Financial savings account, and rewards program. Since being launched in 2020, the startup has partnered with greater than 4,000 retailers in Canada to offer its customers with as a lot as 6% cashback. Andrew Chau, Neo co-founder and CEO, stated about how the funding will the startup increase its providers:
“Reimagining the way in which Canadians financial institution isn’t any straightforward feat, but it surely’s a problem that our crew is taking head on. This elevate is validation of not solely the issue Neo is tackling, however our crew’s capability to unravel it. As one of many largest Sequence B raises for a Canadian fintech, this new spherical of funding will permit us to proceed constructing modern merchandise and options for all Canadians and companies. It’s an thrilling time to develop our crew from each our Calgary and Winnipeg workplaces.”
With conventional finance persevering with to lose floor towards fintech startups as client belief erodes, digital banking options have gotten more and more related among the many youthful generations. By launching new merchandise and providing extra advantages to its customers, the startup believes it could possibly increase the digital revolution whereas bettering the monetary expertise of hundreds of thousands.