CALGARY, Alberta & WINNIPEG, Manitoba--(BUSINESS WIRE)--In just three years, Neo Financial (Neo) has added more than 10,000 partners to their cashback rewards network. These include local, national, and ecommerce businesses such as Landmark Cinemas, Decathlon, Tentree, and Endy all the way to local favourites such as Ride Cycle Club, Balzac’s Coffee Roasters, Sunshine Village, and Craft Beer Market.
The Neo app enables Canadians to explore businesses on the rewards network with a live map feature or search by category to discover the cashback they can earn. When paying with their Neo Credit card or Neo MoneyTM card, customers receive unlimited instant cashback from these businesses. This dynamic network drives Canadians to spend at these partners, giving all businesses access to loyalty tools traditionally reserved for only the biggest brands. These tools are critical in helping small businesses acquire and retain customers.
“Growing up in the back of a family-owned, 30 seat restaurant, I saw first hand the amount of hard work that goes into running a small business. It has always been important to me that, at Neo, we build a platform that helps small businesses thrive,” said Andrew Chau, CEO and Co-Founder of Neo Financial. "Instead of going through traditional marketing channels, Canadian small businesses can now target consumers directly using Neo’s technology, with their marketing spend going directly to the customer.”
Small businesses are vital to the economy, employing over two-thirds of Canadian employees - but with rising costs, are currently under pressure to do more with less. With one of the largest rewards network in Canada, Neo proactively partners with these small businesses to help them gain new customers and build and retain their most loyal customers.
Traditionally, rewards programs have been limited to credit card customers only. Neo’s rewards network extends to both credit card users (Neo Credit card) and those who prefer to use a debit card but want the rewards of a credit card, with the newly introduced Neo MoneyTM card. Powered by the Neo MoneyTM account, the Neo MoneyTM card allows Canadians to access their funds and spend at any store that accepts Mastercard, earn cashback, as well as withdraw from any ATM in Canada. The Neo MoneyTM account is a new hybrid account that combines the benefits of an everyday chequing and savings account with no monthly fees, free everyday transactions, Interac® e-Transfers, bill pay, and direct deposit. A significant number of Canadians still prefer to spend on debit and the Neo MoneyTM card now allows Canadians to use an alternative, with rewards attached, that directs them to local business partners.
About Neo Financial:
Neo Financial is a technology company simplifying finances through reimagined spending, savings, investing, and mortgages. Founded in 2019 by the co-founders of SkipTheDishes, Neo has raised more than $299 million in funding from top-tier investors and has been recognized as one of the top tech startups in Canada by LinkedIn. Neo is headquartered in Winnipeg and Calgary, and is backed by top investors across North America.
Through partnerships with leading financial institutions, Neo provides members with a safe and secure way to spend (Neo CardTM), save (Neo MoneyTM), invest (Neo InvestTM), and get a mortgage (Neo MortgageTM). Neo for Business powers financial solutions for Intuit TurboTax®, Hudson’s Bay, and over 10,000 other partners across the country. To learn more, visit neofinancial.com.
The Neo Credit card is issued by ATB Financial pursuant to license by Mastercard International Incorporated. The Neo Money™ card is a prepaid Mastercard® issued by Equitable Bank pursuant to license by Mastercard International Incorporated. The Neo Money™ card is powered by the Neo Money™ account, which is provided by Concentra Bank.
