Neo Financial, a FinTech helping consumers to spend, save and earn rewards, has received a $1.6m grant from the Province of Manitoba – a Canadian state – to support the FinTech company’s growth in the region.
The grant, which was issued through its Industry Expansion program, will support the skills training for 300 new employees at Neo’s Winnipeg headquarters. The funds will also help Neo expand its team and capitalise on opportunities.
As part of the expansion, the company will host a series of recruitment and industry focused events and meetups in Winnipeg. Its hiring efforts will be focused on engineering, product development, creative and design and financial technology operations.
Neo Financial co-founder and CEO Andrew Chau said, “Canada’s banking sector is built upon technology that is more than 50 years old and unable to innovate quickly. This is why Neo has set out to rebuild it from the ground up, but in order to do that, we need more talented and driven individuals that want to be part of that mission.
“With the support of this grant, our team is able to build upon the existing talent in Winnipeg, providing opportunities for world class training and a career where your work can impact millions of Canadians.”
Speaking on the grant, Province of Manitoba minister of economic development and jobs Jon Reyes said, “Our government’s investment will support the growth of Manitoba’s information, communication and digital technology sector, contribute to our provincial economy, and support our local economy through increased spending on goods and services.”
Neo, which launched in 2020, provides customers with a no-fee Mastercard that gives an average of 4-6% cashback at partners and 1% cashback on all spend. Currently, it has established partnerships with 4,000 retail partners.
This funding comes just months after Neo raised $64m in its Series B round. The round was led by Valar Ventures, with commitments also coming from Greenoaks Capital, Breyer Capital, Golden Ventures and others.
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