At Version One, we typically focus on early-stage investments, though we occasionally make exceptions for standout opportunities—like Clio’s Series C and Coinbase’s Series D. These unique investments delivered exceptional returns for V1 and our investors.
Today, we’re thrilled to share another investment that goes beyond our typical early-stage sweet spot. We’re investing in Neo Financial’s Series D through our Opportunity Fund. If you’re not familiar with Neo, they’re reimagining the way Canadians manage their money with tech-first financial tools.
We have known the Neo co-founders—Andrew Chau, Jeff Adamson, and Chris Simair—for many years, since they grew their previous company, SkipTheDishes, into a top 10 brand in Canada. We have long admired how relentless they are in pursuing the mission of bringing a better banking experience to Canada.
The Neo team has a truly product-led vision toward building a modern financial institution. Just two years ago, they had only one product. Today, Neo offers eight products and has established near product parity with legacy banks. For example, their Premium World Elite® credit cards were just rated one of the best in Canada—and offer a secured option for those who are new to Canada. You can get competitive mortgage rates with the Neo Mortgage, and up to 10 Savings pots help you sort your money, earning Canadians a top-of-market interest rate.
We are excited to be partnering with Neo, together with some of Canada’s best-known entrepreneurs, like Tobi Lütke of Shopify and Stewart Butterfield of Slack. Technology has improved nearly everything we do. And Neo has a tech-first mission to bring a better banking, spending, saving and rewards experience to Canada and all Canadians.
