Neo Financial, the Canadian FinTech behind a range of credit cards, chequing, savings and mortgage products, has finalised a $185m syndicated warehouse facility led by ATB Financial, with a group of Canadian credit unions joining the lending syndicate.
ATB Financial took on the roles of administrative agent, lead arranger and sole bookrunner for the deal. As well as closing the facility at $185m, Neo has expanded the accordion feature, giving it room to scale the facility up to $250m. The arrangement increases the committed funding available to Neo for its credit card receivables.
Several Canadian credit unions are among the lenders in the syndicate, namely Vancouver City Savings Credit Union (Vancity), Beem Credit Union, Alterna Savings and Credit Union Limited and Innovation Federal Credit Union. Their involvement points to the rising role credit unions are playing in Neo’s funding platform, as well as the benefits both sides see in working together.
ATB Financial designed and led the syndicate with the aim of creating a warehouse facility that can expand in step with Neo’s growth. The structure is intended to give the company additional capacity as it keeps originating and financing credit card receivables.
Neo Financial is a technology firm focused on helping Canadians make progress with their finances. Its offering spans a suite of credit cards designed to help users build credit, everyday chequing accounts, the Neo Savings flexible high-interest savings account and Neo Mortgage, which the company says offers one of the lowest mortgage rates in Canada. The business serves more than one million customers, while its Neo for Partners arm supplies financial solutions to thousands of partners nationwide.
Since its launch in 2019, Neo has secured over $650m in funding and is supported by leading investors across North America. The company has been named Canada’s top-growing company by The Globe and Mail and Deloitte, and has ranked first on the Deloitte Technology Fast 50 for three consecutive years. It operates headquarters in Calgary, Winnipeg and Toronto.
Neo Financial CFO Allemander Neto said, “Credit unions are important partners in the financial system we want to help build. We’ve invested in a credit card platform that other institutions can participate in. Our ambition is to build lasting funding relationships with credit unions that see an opportunity to grow alongside us.”
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