SkipTheDishes co-founders look to shake up banking as Neo Financial hits the market

Betakit | | Sep 23, 2020

NEO - SkipTheDishes co-founders look to shake up banking as Neo Financial hits the marketNeo Financial, the new Canadian FinTech startup focused on challenging the status quo in banking, has begun rolling out its services in Western Canada.

Neo Financial is a Prairies-based startup created by SkipTheDishes founders Andrew Chau and Jeff Adamson, alongside Kris Read. It is the newest challenger bank entrant into the Canadian financial market and is on a mission to re-imagine everyday banking.

After spending the first year and a half of its existence building out its tech and banking infrastructure, Neo has officially brought its financial services offering to market.

Over the last couple of weeks, Neo began offering its savings account, Mastercard, and merchant rewards program to a select number of individuals on its 30,000-plus waitlist. With a current focus on Western Canada, Neo hopes to have its products available across Canada later this year.

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Chau, Neo’s CEO, recently spoke to BetaKit about the startup’s go-to-market strategy and its goal of shaking up the Canadian financial services market.

“What made us successful as SkipTheDishes was focusing on Canada, and really focusing on adding value back to the consumers, but also back to businesses too,” said Chau regarding the rewards program. “So, with Neo what we wanted to do was create a consumer experience that leveraged not only technology to help drive that, but also leveraged partners too.”

“When we think about other challengers in FinTech, it’s a good thing that we all are driving towards acclamation into the Candian ecosystem,” Chau stated. “One of key pieces [Neo] has is not just building a fancy app, [but] what we’re building is a foundation for a bank that can compete with the Big Five.”

“Through our strategic partnerships with financial institutions, we’re building a platform that challenges Canada’s traditional banking system,” he added. “Because of our unique partnerships and how we’ve built our technology from the ground up, we’re able to grow faster and innovate without the same limitations others face in the industry.”

While Neo is currently partnering with financial institutions, the CEO pointed to his startup’s openness to potentially obtaining its own banking license – a process that is difficult to navigate within Canada.

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