Neo Financial is not a traditional bank. However, it is deemed to be safe as it is insured by CDIC, under IIROC and is partnered with well-established brands.
Neo Financial and its services
Neo Financial is a fintech company that was christened in 2019 to enhance the delivery of financial services in Canada. It offers services such as credit, bill payments, direct debit, fund transfers, high interest savings account, theme-based investing, goal based investing, active portfolio management, mortgage, refinancing, credit score supervision, rewards, bonuses etc.
Is Neo Financial safe?
- The card offered by Neo Card is issued by ATB Financial.
- Neo Money is backed by Concentra bank.
- The funds parked in Neo Money is insured by Canada Deposit Insurance Corporation and the funds are insured up to $100,000 per deposit per category per depositor.
- Neo Invest is powered by OneVest. OneVest is a registered portfolio management company. The accounts of OneVest are held with CI Investment Services (CIIS). It is a registered dealer in every province and all the territories of Canada. Furthermore, it is a member of the Investment Industry Regulatory Organization of Canada (IIROC).
- Neo financial has collected around 1 million users since inception.
- The organisation has raised around $299 million of assets under management.
- It has 5 plus business solutions and it is growing.
- The company has more than 8,000 retail partners in Canada.
- The company has raised around $300 million from investors globally.
- The app is rated 4.8 on the Google app store.
- The company has employed more than 650 people.
Safety of Neo Financial
Based on the above credentials, we believe that it is safe to use Neo Financial. However, it is not a traditional bank and is not licensed or regulated by the central bank of Canada. Any bugs in your mobile can hamper the use of Neo Financial. Complaints of online scams and hacking are increasing day by day, which is to be noted.