Neo Financial unlocks private wealth management for all Canadians
WINNIPEG, Manitoba & CALGARY, Alberta–(BUSINESS WIRE)–Neo Financial announced today that they are expanding their product line from spending, savings, and rewards, to reimagining investing with the addition of Neo Invest. Neo Invest will offer Canadians the first fully digital, actively managed investment experience that provides access to sophisticated investment solutions that the average retail investor would not typically have access to.
With many Canadians reported to not have enough savings to live comfortably throughout their retirement, creating opportunities for individuals to grow their wealth that are simple and accessible has become increasingly desirable. Neo Invest provides access to private wealth management, starting with as little as a $1 investment. Banks and wealth management services in Canada often require individuals to have a net worth greater than $1M for these services, even though in 2019 the median annual income of Canadians was $37,800.
“We’re launching Neo Invest to democratize investing for all Canadians with a product that is simple to use and provides access to sophisticated investment solutions that most wealth managers don’t offer,” says Andrew Chau, Co-Founder and CEO of Neo Financial. “Historically, Canadians only have the option to invest through antiquated big bank products like mutual funds with high and hidden fees, online robo advisors offering basic products that only match the market and its volatility, and expensive private wealth managers that are not accessible to the average investor. With Neo Invest, we’re unlocking better investment opportunities and making investing possible for everyone.”
Through Neo Invest (in partnership with OneVest), customers get access to:
- Actively managed and institutional-style portfolios, managed by professional money managers that take advantage of changing market conditions with the objective of better returns with lower risk
- Access to alternative investments such as cryptocurrencies, real estate, infrastructure, hedge fund-like strategies, and more
- Ability to start investing with as little as $1 and get a complete, fully diversified portfolio
- Customized portfolios that are built and managed to a user’s unique goals, timelines, and risk comfort
- Automated investing that allows users to automatically schedule investments and direct deposits from other bank accounts
Neo Invest is available through the Neo website and mobile app, and can be funded through Neo’s recently relaunched Neo Money account, an everyday account that pays 1.3%* interest, or through direct deposit from another financial institution.
About Neo Financial
Neo Financial is a technology company simplifying finances through reimagined spending, savings, investing, and rewards. Founded in 2019 by the co-founders of SkipTheDishes, Neo has raised more than $114 million in funding through top-tier investors and has been recognized as one of the top tech startups in Canada by LinkedIn, with a growing team of over 500 employees.
Through partnerships with leading financial institutions, Neo provides members with a safe and secure way to spend, save, and invest. Neo’s credit card is issued by ATB Financial and backed by the Mastercard® network, and the Neo Money account is provided by Concentra Bank, a CDIC member institution, and is eligible for CDIC deposit protection. Neo is headquartered in Winnipeg and Calgary, and is backed by top investors across North America.
To learn more, please visit neofinancial.com.
The Neo Money account is provided by Concentra Bank.
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.
Neo Invest is partnered with OneVest, a registered Portfolio Manager in each province and territory of Canada and an Investment Fund Manager in the provinces of Alberta, Newfoundland and Labrador, Ontario, and Quebec. All assets are held at CI Investment Services (CIIS), a registered investment dealer in Canada, which is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and member of Canadian Investor Protection Fund (CIPF). Investment accounts have CIPF protection within specific limits up to $1M.
Contacts
For media inquiries, please contact:
Arianna Dametto
Neo Financial
[email protected]
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