The latest investment round from the Calgary-based digital bank includes $110-million in equity and $250-million in debt
Digital bank Neo Financial Technologies Inc. has tapped big tech names in its latest investment round of $360-million, announced on Monday. The company was founded by CEO Andrew Chau , Jeff Adamson and Kris Read, pictured here at their Calgary headquarters in February, 2020.Digital bank Neo Financial Technologies Inc. has once again tapped some of biggest names in technology to raise hundreds of millions of dollars in new financing.
“These are operators and tech entrepreneurs who have built multi-multi-billion-dollar companies from the ground up,” Jeff Adamson, Neo’s co-founder and chief commercial officer, said in an interview. “They also are people who get hit up all the time.” “It is below our previous round, but it is a totally different market than it was in 2022, we have had 154,000 per cent revenue growth since 2020 and to grow that quickly in financial services is really unprecedented,” he said.
Hudson’s Bay Co. was among the first retailers to partner with Neo in 2021, but the list has expanded rapidly, surpassing 4,000 by the end of that year and reaching 7,000 by mid-2022. Today, Mr. Adamson said Neo has more than 13,000 retail partners.
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