Neo Financial, a Canadian financial technology company, announced their CAD $360 million Series D fundraising round, consisting of CAD $110M of equity and CAD $250M of debt.

This round of funding includes investments from renowned Canadian founders and entrepreneurs bringing in their wealth of experience in scaling global tech brands, including Tobi Lütke (CEO and founder of Shopify), Stewart Butterfield (founder and former CEO of Slack), David Baszucki (investor and CEO of Roblox), and Mike Wessinger (co-founder and Executive Chair of PointClickCare).

Existing investors, including Valar Ventures, Golden Ventures, Afore Capital, and Thomvest Ventures, also participated in this round.

“Neo Financial’s growth over the last 4 years reflects Canadians’ strong demand for alternatives to traditional banking,”

said Andrew Chau, co-founder and CEO of Neo.

“We’re building time and money-saving financial products that will help Canadians for decades to come. Despite being in the lowest period of venture funding that fintech has seen in the last 5 years, we’ve been able to raise one of the largest fintech funding rounds globally this year. This growth capital allows us to continue winning the hearts and minds of Canadians, serving them when they need it the most. Canada continues to lag in productivity and innovation, and our team is on a mission to reverse that trend and make Canada a better place to live.”

Two years ago, Neo offered just a single product – today, Neo offers eight products and has established near-product parity with the legacy Canadian banks.

This capital injection aims to accelerate product velocity, AI-native insights, automations, and features for Canadians.

Featured image credit: Neo Financial