Funding round
Neo Financial Series B
Neo Financial, which works in financial product development in Calgary, raised $64M in a Series B round announced on 15 Sep 2021, led by Valar Ventures. 9 firms took part. It is Neo Financial's second venture round on record; the one before was a Series A in May 2018.
$64M
Amount raised
Not disclosed
Post-money valuation
9
Investors
1 lead
Valuation
What this round says about the price
Neo Financial did not disclose a valuation in this round. It came 40 months after Neo Financial's Series A. It is 13% of the $489M Neo Financial has raised in the venture rounds on record. Neo Financial raised again 8 months later: a Series C round of $145M in May 2022, at $1.00B post-money.
Neo Financial's funding rounds
Neo Financial has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Valar Ventures led the round with 8 other firms.
Lead investor
- Valar Ventures backs 56 venture-backed companies new investor
Also in the round
- Greenoaks Capital new investor
- backs 81 venture-backed companies new investor
- Breyer Capital backs 85 venture-backed companies new investor
- backs 66 venture-backed companies new investor
- backs 81 venture-backed companies new investor
- Inovia backs 120 venture-backed companies new investor
- backs 43 venture-backed companies new investor
- Maple VC new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
13 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $50M, and this round was 1.3 times the median. The closest in time, other companies' Series B rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Alpaca Financial Services | 30 Aug 2021 | $50M | not disclosed | Tribe Capital |
| Financial Services | 30 Jun 2021 | $30M | not disclosed | Portage Ventures |
| Financial Services | 27 Jan 2022 | $130M | $1.00B | SoftBank Vision Fund |
| Financial Services | 11 Jan 2022 | $82M | not disclosed | Tiger Global |
| Bitpanda Financial Services | 16 Mar 2021 | $170M | $1.20B | Valar Ventures |
| Financial Services | 23 Mar 2021 | $69M | $366M | Left Lane Capital |
| Stori Financial Services | 1 Mar 2021 | $33M | not disclosed | Lightspeed Venture Partners |
| FalconX Financial Services | 1 Jan 2021 | $50M | not disclosed | not named |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Neo Financial raise in its Series B round?
Neo Financial raised $64M in its Series B round, announced in Sep 2021.
Who led Neo Financial's Series B round?
Valar Ventures led it, with Greenoaks Capital, Altos Ventures, Breyer Capital, Golden Ventures and Afore Capital and 3 more.
What was Neo Financial's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Financial Services?
13 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $50M, and this round was 1.3 times the median.
Did Neo Financial raise again after this round?
Yes: a Series C round in May 2022 of $145M at $1.00B post-money.