Calgary and Winnipeg-based FinTech startup Neo Financial has claimed the number one spot in Deloitte’s 2024 Technology Fast 50 rankings.
Deloitte’s Technology Fast 50 recognizes Canada’s 50 fastest-growing technology companies based on the highest revenue growth percentage over the past three years. According to Deloitte, the average three-year revenue growth of the Technology Fast 50 winners this year is 3,559 percent, almost 60 percent higher than the average rate in 2023.
“This recognition marks a broader shift across Canada, as more people realize they deserve better.”
Andrew Chau, Neo Financial
Neo Financial, which topped a $1-billion valuation in 2022, tracked a whopping 154,022 percent revenue growth between 2020 to 2023, more than nine times that of the runner-up PurposeMed.
Neo Financial co-founder and CEO Andrew Chau told BetaKit he attributes the growth to his team’s “relentless dedication to challenging the status quo.”
“Just four years ago, Neo was only an idea on a scrap of paper, driven by a bold mission to put Canadians first with more choice and transparency in their financial lives,” Chau said.
“This recognition marks a broader shift across Canada, as more people realize they deserve better—better control, better value, and a better experience. And we’re only just getting started,” he added.
Neo Financial was founded in 2019 by the creators of SkipTheDishes. The startup claims to have over one million Canadians using its spending, saving, investing, and mortgage products.
This is not the first time the challenger bank has found itself at the top of the list. In 2022 and 2023, Neo Financial topped LinkedIn’s sixth annual list of the top 15 startups in Canada, and earlier this year ranked first in The Globe and Mail’s 2024 list of Canada’s top growing companies. The startup was also named a top company to watch in Deloitte’s 2023 Technology Fast 50 rankings.
To be eligible for the Deloitte Technology Fast 50 ranking, companies must be based in Canada, and must have been operating for at least four years and generated at least $50,000 in revenue in 2020 and $5 million in 2023, among other criteria.
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Placing second in the Technology Fast 50 rankings was Calgary-based virtual care startup PurposeMed, which saw a 16,169 percent increase in revenue from 2020 to 2023. Toronto-based TealBook, which offers a supplier data platform, placed third with 13,290 percent revenue growth.
British Columbia’s UniUni (which secured $69 million CAD in April) and Toronto’s Relay (which raised $44 million CAD in May) came in third and fourth, tracking 12,854 percent and 9,578 in revenue growth, respectively.
Other Technology Fast 50 winners for 2024 include Nesto in 10th place, ZayZoon in 14th place, Showpass in 20th place, Koho in 25th place, Certn in 33rd place, and Plooto in 39th place.
In addition to the Fast 50, Deloitte also recognizes Canadian tech companies in three other categories: enterprise industry leaders, clean technology, and companies to watch.
Montréal travel scaleup Hopper ranked first in the enterprise industry leaders category with 1,207 percent revenue growth, followed by Toronto logistics startup GoBolt, car retail startup Clutch, Kitchener-Waterloo EdTech platform ApplyBoard, and Montréal retail giant Lightspeed.
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Vancouver’s Oxygen8 Solutions, which develops energy-efficient solutions for buildings, came first in the cleantech category with 6,610 percent revenue growth. Oxygen8, which also recently won the ‘scale’ category of BC’s Technology Impact Awards, was followed by Montréal-based emissions data startup GHGSat and Toronto-based electric vehicle (EV) charging startup SWTCH.
In the companies-to-watch category, North York, Ont.-based EV tech startup Inmotive saw the highest revenue growth at 8,829 percent, followed by BrainBox AI and CapIntel, which saw revenue growth of 4,649 percent and 4,048 percent, respectively.
The Technology Fast 50 awards program is held in conjunction with Deloitte’s North American Technology Fast 500. This year, 90 Canadian companies earned spots on the North American list, which will be released later this month.
Feature image courtesy Neo Financial.