Neo Financial is a fin-tech company that aims to innovate financial services and make it inclusive. The company has amassed 1 million plus clients in less than three years.
Neo Financial: An overview
Neo Financial is a fintech company founded in Canada. Fintech is an amalgamation of the words financial and technology. It is the automation of financial services such as banking, insurance, loan repayments etc. Neo Financial aims to recreate the method in which Canadians manage their funds by offering tech tools that will help save, invest, lend and borrow in a convenient way.
Neo Financial: Products offered
Neo Card
It is a credit card and you can use this card for almost all purposes and services, such as health activities, gym, food and drink, travel, purchase of groceries, buying essentials, etc,. You get rewards and cashbacks every time you use the card. The card is tied up with nearly 8,000 brands within Canada. Your first purchase with the card will earn 15% cashback.
**Neo Money **
It is like a savings account. You can park your money here and earn 2.25% interest income. The interest is calculated on your daily balance and is paid out on a monthly basis. There are no account keeping fees charged and no transaction costs. You are also not mandated to keep a minimum balance. You can pay all your utility bills from here and keep track of your spending habits. In the case of recurring payments, you may also set up a direct debit.
**Neo Invest **
You can open a personal investment account, a tax-free savings account or a registered retirement savings plan within Neo Invest. Based on your investment goals, needs and risk appetite, a professional will manage and re-balance your portfolio.
**Neo Mortgage **
It is aimed at re-creating the way Canadians shop for their houses. It offers loan application approval within 5 minutes. The average home loan rate offered by banks is 5.14% per annum, whereas Neo offers loans at 4.35% per annum. However, the residents of Quebec do not have access to this product.
Neo Financial for Canadians
Neo Financial is accessible to anyone who is a resident of Canada, who can provide a photo, identification proof and who has attained the age of major. The organisation aims to ease financial services for Canadians so that they can effectively manage their money and plan for the future.