CALGARY, Alberta & WINNIPEG, Manitoba--(BUSINESS WIRE)--Neo Financial (Neo) is working with Tim Hortons to launch the Tims® Credit Card, as a part of Tims® Financial. Tims® Financial is a new division of Tim Hortons established to give Canadians access to convenient and powerful financial tools that simplify their everyday finances.
Tims® Financial will be using Neo’s embedded financial solutions to build and power the Tims® Credit Card within the existing Tim Hortons app. Neo’s Banking as a Service1 solution uses a modern API architecture to empower brands like Tim Hortons to tap into new revenue streams and growth avenues and increase customer engagement, all in one platform.
The technology deployed allows brands to benefit from:
- Turnkey technology platform: Neo's platform powers fully embedded co-branded/white labeled card, lending, deposit, and payment solutions for its partners.
- One-stop shop: In addition to platform access, Neo also provides front and back office support for partners to keep their internal operations lean, from customer support all the way through to regulatory compliance.
- Platform security: Neo’s platform is certified with both SOC2 Type II and PCI Data Security Standards.
- Speed to market: With unmatched speed, scale, and quality, Neo’s cloud-based approach gives partners access to the same technology platform Neo has built to power its own app, used by 1M+ customers.
- Access to insurance products: Modern digital coverages, including card insurance, that is leading edge and fully digital through one single API2.
“Neo was created out of our desire to offer better financial experiences to Canadians”, said Jeff Adamson, Co-founder and Head of Partnerships, Neo Financial. “We realized that legacy banking technology wasn’t going to meet the demands of our rapidly growing customer base so we developed our own world class technology to meet our needs. We now see the opportunity to provide that same scalable and flexible infrastructure to other businesses like Tim Hortons. Similar to how AWS made it easy to bring organizations to the cloud, Neo’s Banking as a Service1 platform makes it easy to bring any organization into financial services.”
"With almost five million Canadians actively using our Tim Hortons app every month, we’re excited to offer our most loyal guests the Tims Credit Card as a way to earn Tims Rewards Points even faster with everyday spending," said Markus Sturm, Senior Vice President of Financial Services and Digital at Tim Hortons. “We are pleased to work with Neo to bring Canadians a convenient, reliable and digital-first credit card that they will love using.”
The Tims® Credit Card is the latest in a range of innovative financial solutions from Neo, all of which enable Canadian enterprises to leverage financial technology to drive business growth.
In addition to powering the Hudson’s Bay Mastercard®, Neo works with over 10,000 retailers to power their loyalty programs. Beyond that, Neo’s Banking as a Service1 offers businesses access to APIs which enables partners to embed financial services and products seamlessly into their customer journey, including:
Whether brands are looking to create their own financial services offering, provide additional payment options to their customers at check-out, stand-up a rewards program, or help their customers meet their financial goals, Neo unlocks new opportunities previously unavailable in Canada. For more information on Neo’s business solutions, please visit www.neofinancial.com/for-business.
About Neo Financial:
Neo Financial is a technology company simplifying finances through reimagined spending, savings, investing, and mortgages. Founded in 2019 by the co-founders of SkipTheDishes, Neo has raised more than $299 million in funding from top-tier investors and has been recognized as one of the top tech startups in Canada by LinkedIn. Neo is headquartered in Calgary and Winnipeg, and is backed by top investors across North America.
Through partnerships with leading financial institutions, Neo provides members with a safe and secure way to spend (Neo Credit), save (Neo Money™), invest (Neo Invest™), and get a mortgage (Neo Mortgage™). Neo for Business powers financial solutions for Tim Hortons, Hudson’s Bay, and over 10,000 other partners across the country. To learn more, visit neofinancial.com.
About Tim Hortons:
In 1964, the first Tim Hortons® restaurant in Hamilton, Ontario opened its doors and Canadians have been ordering Tim Hortons iconic Original Blend coffee, Double-Double™ coffees, Donuts and Timbits® in the years since. Over the last 55 years, Tim Hortons has captured the hearts and taste buds of Canadians and has become synonymous with serving Canada's favourite coffee. Tim Hortons is Canada's largest restaurant chain operating in the quick service industry with nearly 4,000 restaurants across the country. More than a coffee and bake shop, Tim Hortons is part of the Canadian fabric and guests can enjoy hot and cold specialty beverages – including lattes, cappuccinos and espressos, teas and our famous Iced Capps® – alongside delicious breakfast, sandwiches, wraps, soups and more. Tim Hortons has more than 5,400 restaurants in Canada, the United States and around the world. For more information on Tim Hortons visit TimHortons.ca.
The Tims® Credit Card, powered by Neo Financial™, is issued by ATB Financial pursuant to license by Mastercard International Incorporated.
Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1Neo Financial offers its Banking as a Service platform through its partnerships with licensed banks, including: ATB Financial, Concentra Bank, and Equitable Bank.
2Insurance products are provided through our licenced partner Walnut Insurance