Funding round
Neo Financial Series C
Neo Financial, which works in financial product development in Calgary, raised $145M in a Series C round announced on 5 May 2022, led by Valar Ventures, at a $1.00B post-money valuation. 7 firms took part, 5 of them already investors. It is Neo Financial's third venture round on record; the one before was a Series B in Sep 2021.
$145M
Amount raised
$1.00B
Post-money valuation
$855M pre-money
7
Investors
1 lead
14%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Neo Financial at $1.00B after the new money. The $145M bought investors about 14% of the company. It came 8 months after Neo Financial's Series B. It is 30% of the $489M Neo Financial has raised in the venture rounds on record. Neo Financial raised again 30 months later: a Series D round of $258M in Nov 2024.
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 6 other firms. Valar Ventures, Blank Ventures, Gaingels and Maple VC and 1 more had backed Neo Financial before.
Lead investor
- Valar Ventures backs 56 venture-backed companies existing investor
Also in the round
- backs 69 venture-backed companies new investor
- backs 81 venture-backed companies new investor
- backs 15 venture-backed companies existing investor
- Gaingels backs 364 venture-backed companies existing investor
- backs 11 venture-backed companies existing investor
- Knollwood Investment Advisory existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
8 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $163M, and this round was close to the median. The closest in time, other companies' Series C rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Stream Financial Services | 13 Apr 2022 | $175M | not disclosed | Smash Capital and BlackRock |
| Stori Financial Services | 15 Jul 2022 | $150M | $1.20B | BAI Capital and GIC |
| Financial Services | 18 Oct 2022 | $46M | not disclosed | Scottish National Investment Bank |
| Financial Services | 25 Nov 2021 | $25M | $3.39B | Tiger Global |
| Bitpanda Financial Services | 17 Aug 2021 | $263M | $4.10B | Valar Ventures |
| FalconX Financial Services | 10 Aug 2021 | $210M | $3.75B | Altimeter and B Capital |
| Trade Republic Financial Services | 20 May 2021 | $900M | $5.00B | Sequoia Capital |
| ProducePay Financial Services | 20 May 2021 | $43M | not disclosed | G2 Venture Partners and International Finance Corporation |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Neo Financial raise in its Series C round?
Neo Financial raised $145M in its Series C round, announced in May 2022.
Who led Neo Financial's Series C round?
Valar Ventures led it, with Tribe Capital, Altos Ventures, Blank Ventures, Gaingels and Maple VC and 1 more.
What was Neo Financial's valuation at the Series C round?
$1.00B post-money ($855M pre-money).
How does it compare with other Series C rounds in Financial Services?
8 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $163M, and this round was close to the median.
Did Neo Financial raise again after this round?
Yes: a Series D round in Nov 2024 of $258M.