Neo Financial gets $1.6M boost from province

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This article was published 17/11/2021 (1429 days ago), so information in it may no longer be current.

Hundreds of potential jobs in Winnipeg’s financial and technology sectors are getting a $1.6 million boost from the province.

Neo Financial, a virtual bank created by two founders of SkiptheDishes, received the funding from the provincial government to create 300 jobs and train 32 current employees.

The business has been rapidly expanding since its 2019 inception. It’s gained traction among millennials and others, boasting high-interest savings accounts and a no-fee Mastercard with cashback offers at large and small partner companies.

“We need every single of one these (300) roles filled,” said Kris Read, the chief technology officer of Neo Financial Technologies.

“We have tremendous ambitions to impact the world of banking in Canada. It’s not going to be easy, and we have a lot of new products to build, a lot of new teams to build before we can actually do what it is we want to do.”

The company will hire for product development, engineering, creative design and financial service operations, among others. Read said he hopes to fill the roles in the next year or two.

“If we can make it happen faster, that’s what we want to do,” he said, adding Neo’s staff are challenged to move quickly.

The company established its Winnipeg headquarters, at 140 Bannatyne Ave., this summer. It currently employs over 50 people in the city and has job postings ranging from data engineers to software developers.

It occupies two floors of the downtown building and plans to rent more as the business grows.

“It’s good to see that there’ll be movement here downtown,” Economic Development and Jobs Minister Jon Reyes said at a news conference Tuesday.

He called the funding a “win-win” for the private and public sectors.

“It is companies like Neo that will help Manitoba to move to the next stage of economic recovery from the COVID-19 pandemic,” he said.

Some new hires at Neo Financial may work remotely. “We’re making those decisions on a case by case, role by role basis,” Read said.

As of September, the business employed over 350 people across Canada, almost tripling its previous year’s workforce.

The fintech company’s growth has been “great,” according to Read.

Neo doesn’t charge monthly or annual fees on its savings accounts and advertises 1.3 per cent interest on money in the bank. Accounts include unlimited no-fee chequing and e-transfer options.

The company doesn’t have any physical branches.

gabrielle.piche@freepress.mb.ca