What happens when a startup cold calls a global technology giant and asks for a meeting?
In Canada’s evolving FinTech landscape, partnership is key. In a recent conversation hosted by BetaKit CEO Siri Agrell, Neo Financial’s Co-Founder and Chief Commercial Officer, Jeff Adamson, and Mastercard’s Senior Vice President and Head of Market Development and Digital Partnerships in Canada, Balinder Ahluwalia, unpacked the essential approach to building together effectively.
“We have a very long memory for the people who answered the phone, who heard us out, who listened.”
Jeff Adamson, Neo Financial
“This isn’t a classic UX play where you put a nice wrapper on top of the legacy banking system,” Adamson said. “It’s a structural reimagining of how Canadians bank.”
When Neo Financial was starting out, the team knew that success depended on full control over the tech stack that would support their financial products.
Turning that vision into reality meant getting direct access to real-time payment data, custom authorization logic, and the ability to deploy rewards at merchant level, all at a time when Neo had fewer than ten employees.
Adamson and his team approached Mastercard with a clear technical agenda and a defined product vision.
“You can’t just go and build something and release it into the world,” he said. “You have to follow a strict set of rules, because you’re not just dealing with a social media app. You’re dealing with people’s money, and so the stakes are just way, way higher.”
Mastercard has positioned themselves as a key collaborator for Canadian startups. Ahluwalia described the co-creation process with Neo as core to their relationship.
“You’re held to the same standard as other players in the financial space,” Ahluwalia said. “Our experience helps newer FinTechs chart a path that sets them up for success.”
These standards shaped how the teams worked together, and the products Neo was able to launch. Neo created merchant-specific cashback offers, handled loyalty program changes within days, co-developed a youth banking product, and built alongside support from Mastercard who shared their desire to move quickly.
“We saw a group of people who are embedded, excited, ready to go, and that was infectious for our team, and still is to this day,” Ahluwalia added. “We want to move at the pace that Neo wants to move, and boy, do they want to move fast.”
The conversation also surfaced what many partnerships miss: that infrastructure only moves fast when people do. Mastercard deployed product, delivery, and engineering teams to work with Neo early, and treated the relationship as so much more than a service agreement.
“Our approach is: let’s sit down, let’s go through their pitch deck, let’s get to know their team and see how we can add value,” Ahluwalia said.
That level of engagement stood out for Adamson, but the turning point came much earlier. Mastercard took the initial call from Neo before the company had traction or scale, and Neo saw that willingness to engage as unique.
“We have a very long memory for the people who answered the phone, who heard us out, who listened, gave us feedback, and took a chance on us when no one else would.”
The shared passion for the work is clear in the conversation between Adamson and Ahluwalia, who talked about product velocity, evolving fraud tactics, and what it means to build financial tools for the next generation of Canadians. Watch the full discussion below.
PRESENTED BY
Mastercard enables FinTech innovation by providing the tools, resources, and support startups need as they scale. Learn more about Mastercard’s approach today.
Feature image provided by Mastercard.