Canadian digital bank Neo Financial secures $360M in funding to expand its banking services.

Canadian digital bank Neo Financial raised $360 million in a new financing round, including $110 million in equity and $250 million in debt. Notable investors include Peter Thiel's Valar Ventures, Shopify's Tobi Lutke, and Slack's Stewart Butterfield. Founded in 2019, Neo Financial now offers no-fee, cash-back Mastercards through over 13,000 retail partners and plans to expand into savings, wealth management, and mortgages, aiming to create a comprehensive digital banking ecosystem.

November 11, 2024
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