Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Neo Financial Partners with Concentra Bank to Offer a CDIC-Eligible High-Interest Savings Account
Neo Financial and Concentra | Jan 13, 2021
CALGARY, Alberta--(BUSINESS WIRE)--Neo Financial (Neo), a Calgary-based fintech company created by two of the co-founders of SkipTheDishes, has announced a first-of-its-kind collaboration with Concentra Bank (Concentra), a Schedule 1 bank that is quietly fuelling innovation. Through this relationship, Neo is the first Canadian fintech company to offer a CDIC-eligible high-interest savings account that works like an everyday banking account. The accounts are held at Concentra, a Canada Deposit Insurance Corporation (CDIC) member bank. Together, Neo and Concentra have opened the door for innovation that has historically not been accessible within Canada’s consumer banking sector.
“Canada’s banking sector continues to trail other countries, using technology that is more than 50 years old, and unable to innovate. This is why we set out to rebuild it from scratch. We wanted to create a seamless consumer-first experience, specifically for Canadians,” says Andrew Chau, Founder and CEO, Neo Financial. “Our collaboration with Concentra Bank is a great example of how new technology companies can work with industry partners to innovate better and faster to ensure Canada doesn’t fall behind.”
“We’re different from many banks—we’re open to creative ideas and solutions for our customers and we’re less rigid in our approach to innovation, while managing regulatory requirements,” says Don Coulter, President & CEO of Concentra Bank. “Collaboration with fintechs is central to our strategy. We have a strong history of working with fintechs and will continue to do so. We’re proud to work with Neo Financial to bring this great new savings product to Canadians.”
See:
Why Partnerships Are the Future for Fintech
SkipTheDishes co-founders look to shake up banking as Neo Financial hits the market
Neo’s proprietary technology has been designed to simplify finances and create rewarding experiences for Canadians. Neo Savings is a high-interest savings account that can be opened in minutes from your phone, and presently earns up to 30 times more* than other traditional Canadian banks.
“Our team is dedicated to creating a cultural shift in how Canadians bank. This means not only modernizing the current consumer experience, but rethinking the institution as a whole. Through collaboration with organizations like Concentra Bank, I believe the future of Canadian banking will be accessible, empowering and innovative in ways we haven’t thought possible. I hope Canadians are as excited as we are to create this change and build something substantial here in Canada,” says Andrew.
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