The Calgary fintech posted a memo from CEO Andrew Chau Tuesday, which said the company laid off 102 employees “across nearly every part of Neo.” Chau framed the layoffs as being about focus and efficiency, saying the company plans “to build fewer things faster, and build them exceptionally well.” (The Logic)

Talking point: Neo focuses on loyalty credit cards and bank account-like products, an increasingly crowded field. While competitors Wealthsimple and Koho have been growing quickly and announcing big funding rounds, Neo has faced challenges. In February, Neo raised $68.5 million at what the company said was a higher valuation than it fetched in its $362-million round led by China’s Tencent in the fall of 2024—but that earlier round saw the company’s valuation plunge. In June, Tim Hortons and Neo ended a credit card partnership, its second termination with a major brand in just over a year, after Hudson’s Bay. In a text message, Neo chief commercial officer Jeff Adamson said this is the company’s first round of company-wide layoffs. He declined to say whether Neo is meeting its growth targets. 

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