Neo Financial second FinTech to join Interac network

Neo Financial has joined Interac as a participant in the Interac e-Transfer service, following broader access for qualified payment service providers in Canada.

Neo, a Calgary-based financial technology company, now has direct access to one of the country's most widely used digital payment and debit systems. Its addition also broadens the group of non-bank firms that can connect to the network under the new access model for registered payment service providers.

The arrangement puts Neo alongside established financial institutions already in the system. Interac e-Transfer processed more than 1.6 billion transactions last year, underscoring its central role in consumer and business money movement across Canada.

For Neo, direct participation brings greater independence in developing payment services, as well as greater control over the user experience and the rollout of new payment-related features.

Interac presented the move as part of a broader opening of its network to qualified providers. The shift reflects wider changes in Canada's payments landscape, as fintech companies seek more direct access to infrastructure historically dominated by banks and other large financial institutions.

"As part of our ongoing commitment to expanding access to Interac e‐Transfer, we are pleased to welcome Neo to the network," said Jeremy Wilmot, President and CEO, Interac. "This milestone underscores our commitment to trust, security and collaboration as the payments ecosystem continues to evolve."

For Neo, the move also marks its position in Canada's financial services market. The company is registered under the Retail Payment Activities Act, which allows payment service providers to participate more directly in parts of Canada's digital payments infrastructure.

Founded in 2019, Neo has expanded from credit card products into a broader range of financial offerings. It says it serves more than one million customers and offers products including credit cards, transaction accounts, savings accounts and mortgages.

"Interac e-Transfer is central to how Canadians move money, and joining as a Participant means we now control how we build on it," said Jeff Adamson, Co-founder, Neo Financial. "That kind of control is what it takes to give Canadians more of what they've earned."

Neo has also built a business serving commercial partners. Its partner-focused unit provides financial products and services to more than 10,000 partners across Canada.

The firm is the second Canadian FinTech to join the system, following Wealthsimple's move when Interac expanded guidelines beyond traditional banks and credit unions in 2023.

According to Interac, Canadians use Interac products more than 20 million times a day on average, and nearly 300 financial institutions are connected to its network.

That scale means direct participation can give fintech firms a more central role in payments, rather than leaving them reliant on intermediary banking relationships. For customers, it could shape how quickly providers introduce changes to payment journeys and related account services.

Neo has raised more than CAD $650 million in funding since launch and has positioned itself as a challenger in Canadian consumer finance. It is headquartered in Calgary, Winnipeg and Toronto.