What Is Neo Financial?
Neo Financial is a Calgary-based fintech company founded in 2019 by the co-founders of SkipTheDishes. It's backed by significant venture capital and has grown rapidly to offer a Neo Money spending account, Neo Savings (4%+ HISA), Neo Credit card (high cash back), mortgages, and GICs. Neo positions itself as a full financial platform competing directly with both traditional banks and fintechs like KOHO.
Neo's differentiator is its retail partnership cash back model — earn elevated cash back (sometimes 5–15%) at specific Neo partner merchants, on top of a solid base earn rate. The platform is also expanding into Neo Mortgages with competitive rates.
🏆 Neo Financial Verdict 2026: 8.0/10
Neo Financial earns 8.0/10 — one of Canada's most exciting fintech challengers, with top-tier savings rates, a beautiful app, and competitive cash back. The partner merchant cash back model is unique and valuable for anyone who shops at Neo's partners.
KOHO still edges out Neo for most Canadians due to its larger user base, stronger credit building tools, and more established track record. But Neo is a legitimate alternative worth considering, especially if you want both savings and spending in one fintech app.
Neo Financial vs KOHO: Which Should You Choose?
KOHO wins on: credit building (dedicated add-on, Equifax reporting), user base and track record (1M+ customers since 2017), and the KOHO Cover overdraft feature. Neo wins on: savings interest (4%+), app design, and partner merchant cash back rates. Both are free at the base level. Many Canadians use KOHO for spending and keep Neo (or EQ Bank) for savings.
Is Neo Financial Safe?
Yes. Neo Financial's deposits are held at ATB Financial (Alberta Treasury Branches), a provincial Crown corporation, and are CDIC insured. ATB is Alberta's largest financial institution and a safe, stable custodian. Neo's regulatory compliance is maintained by OSFI and applicable provincial securities regulators.
Neo Financial in Quebec
As of 2026, Neo Financial is not available in Quebec. Quebec residents should consider KOHO, EQ Bank, or Desjardins as alternatives.