Neo Financial

Neo Financial, a Canadian fintech for cards, accounts and mortgages

Neo Financial is a financial technology (fintech) company based in Canada that markets spending, saving, credit and investing products aimed at the Canadian market. The company presents itself as an alternative to traditional banking: it operates without physical branches and bases its proposition on a digital platform. According to its own website, more than 1.3 million Canadians use its services, and the company cites recognition from The Globe and Mail that places it as the fastest-growing company in Canada.

Credit products and accounts

Neo Financial's catalogue is organised into several main products:

• Credit cards: the firm offers instant access to credit, with tools aimed at building credit history and accessing higher limits. Among the variants marketed are Neo Mastercard, Neo World Mastercard, Neo World Elite Mastercard, Cathay World Elite Mastercard and United World Elite Mastercard.
• Accounts: chequing and savings accounts with free transactions, no fees and rates the company describes as competitive.
• Mortgages: a mortgage service the company presents as fast and frictionless, with rates it describes as industry-leading.
• Investing: the Neo Invest product completes the financial offering.

Features and tools for the user

The platform includes a set of features aimed at personal finance control and security. These include memberships, virtual cards, credit score monitoring and balance protection. The company also mentions advanced insights tools and a credit builder for users looking to improve their credit profile.

Security and deposit protection

Neo Financial maintains that advanced security is not an add-on, but the foundation of its operation. Every account and card includes technology that, according to the company, is designed to stop unauthorised movements before they happen. The company mentions CDIC deposit insurance coverage, real-time alerts for purchases and money movements, and Mastercard's zero liability protection against purchases not made by the cardholder. It also publishes insurance certificates among its corporate documentation.

Origins and founding team

Neo Financial was founded by a team that includes Andrew Chau (co-founder and CEO), Chris Simair (co-founder, president and head of operations), Jeff Adamson (co-founder and chief commercial officer) and Kris Read (co-founder and CTO). Its founders cite as background the building of SkipTheDishes into one of Canada's top ten brands. The company states its intention to transform the Canadian Prairie provinces into a technology hub and says it attracts international talent. Andrew Chau sums up the company's premise by noting that Canadians have been underserved in their finances for far too long.

Customer service and support channels

The company offers support through a help centre with articles on topics such as fraud prevention, updating personal information, viewing statements, activating physical cards and resetting passwords. It also has a user community and a live chat, available every day from 7 AM to 8 PM Mountain Time, complemented by a virtual assistant accessible at any time. The company also maintains a physical presence through mall kiosks.

Educational content and programmes

Neo Financial publishes a blog and a youth knowledge hub, as well as specific sections for young people and for partners. Its website is available in English and French.