Neo Financial tops list of Canada’s fastest-growing companies

Welcome to this week's Sunday Briefing. In this issue, find out about “the Invisalign of gynaecology,” a $20 million investment in foot health, and awards for Blackline Safety. Plus, read 11 other stories you might’ve missed.

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🗳️ Question of the Week

Neo Financial tops list of Canada’s fastest growing companies

Calgary-based fintech Neo Financial took home first place last week, as the Globe and Mail released its annual ranking of Canada’s fastest-growing companies. Now in its sixth year, the list evaluates companies based on three-year revenue growth and requires firms to undergo a detailed application process.

To clinch this year’s top spot, Neo Financial reported three-year revenue growth of a whopping 38,431 percent.

The company offers a variety of financial solutions to customers. Its services include high-interest savings accounts and deposit accounts, a suite of Mastercard offerings (including a no-annual-fee cashback Mastercard), and mortgage options.

“This achievement isn’t just about numbers — it's about our team's shared commitment to pushing boundaries, continually innovating, and staying resilient to meet the evolving needs of our customers,” said Amanda Broos, vice president of people at Neo Financial. “We’ve built a mission-driven culture that thrives on the challenge of improving the industry landscape, and that’s what fuels our growth.”

This year, Neo beat out 415 other Canadian companies to take home the gold.

🤝 Funding, Deals, and Partnerships

• 72 startups selected for the Plug and Play Alberta fall 2024 cohort. Of the 72 startups selected, 32 percent of companies are from Alberta, 79 percent are from Canada, and 21 percent are joining the program internationally. Plug and Play

• Flora Fertility closes $1.5M pre-seed funding to revolutionize fertility insurance. This investment will drive the launch of Flora's private fertility insurance product across the U.S. and Canada. Flora Fertility

• MP Chahal announces federal investments to commercialize Alberta-made quantum technologies. More than $8.4 million through PrairiesCan will accelerate the development of quantum applications and products, and maintain Alberta’s leadership in this emerging sector. PrairiesCan

• Orpyx secures $20M investment led by Perceptive Advisors. The Orpyx Sensory Insole system enhances custom orthotics with sensors that allow for continuous remote monitoring. Orpyx

• BioAlberta and AxialBridge team up to support Alberta life sciences companies into the United Kingdom. Under the partnership, AxialBridge will work with BioAlberta and the NIHR to support a bilateral exchange of life science opportunities. BioAlberta

• Nanostics and OncoHelix partner to provide ClarityDX Prostrate for men at risk of having aggressive prostrate cancer. OncoHelix provides advanced molecular diagnostics and immune profile testing to the Middle East and North Africa region. Nanostics

• Arcus Power integrates Climavision’s AI-driven weather forecasting into Nrgstream platform. The collaboration will provide energy traders and market participants with weather insights, improving trading strategies, risk management, and operational efficiency in markets influenced by weather conditions. Arcus Power

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📰 Need To Know

• Data centres will pose 'challenge' to decarbonizing Alberta's electricity grid. The electricity-intensive technology is both a new opportunity and problem for the Alberta government. Calgary Herald

• Energy companies need stable long-term carbon market to make investments in carbon capture: panel. The key to settling that issue will be establishing what would be an incredibly costly yet effective floor on the price of carbon, called “carbon contracts for difference”. Calgary Herald

• Blackline Safety wins three awards for new products and industrial innovation. Blackline’s real-time connectivity is the focus of all three awards, which highlight its occupational health and safety tools. Blackline Safety

• Virtual Gurus launches VG Connect: an AI-powered virtual receptionist. VG Connect uses conversational and knowledge-based AI via phone, email, chat, and text to ensure businesses never miss a call or message, handling bookings, lead qualification, or customer inquiries. Virtual Gurus

• E3 Lithium’s Chris Doornbos on critical minerals, energy independence, and the EV race. E3 is a lithium development company unlocking Canadian lithium brines for the global electric vehicle market. Calgary.Tech

💡Ideas & Insights

• Inara Lalani from FemTherapeutics. Evan McCann, host of The Hard Part, sat down with the co-founder and CEO of FemTherapeutics to discuss the journey of the company, including its work on developing the “Invisalign for gynaecology.” The Hard Part