The funding will help Neo Financial develop and launch new products for consumers and businesses. Here are the top-line bullets you need to know.
Neo Financial, a Canadian digital bank, has raised $145M in a Series C. The round drew participation from Valar Ventures, Maple VC, Blank Ventures, and Gaingels, among others.
HOW’S THE COMPANY PERFORMING?
- Canada-based Neo Financial provides financial services, including cashback rewards and savings, to Canadians. It also offers wealth management and mortgage products.
- The company has 1M+ customers.
- It has partnered with 7K+ retailers, including Home Depot, H&R Block, Boston Pizza, Goodfood, and Hudson’s Bay.
- Neo Financial is supported by a team of 650+ people, up from 350 in September 2021.
Source: Neo Financial
WHY DOES THE MARKET MATTER?
- The global digital banking market is expected to reach a value of $1.61T by 2027, growing at a CAGR of 8.9%, according to Research Dive.
- 3.6B individuals — roughly 1 out of every 2 adults — will use digital banking services across mobile and desktop platforms by 2024, according to Juniper Research.
- Worldwide adoption of smartphones and the internet has also increased mobile or digital banking platform usage.
- Global shutdowns and branch closures amid the Covid-19 pandemic also spurred the adoption of digital banking.
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