# Neo Financial lines up $185 million from ATB and credit unions

> The Calgary fintech's new warehouse facility funds its credit card lending, after a year that cost it Tim Hortons, The Bay and 10% of its staff.

- Published: 2026-10-22T13:00:00.000Z
- By: The Circuit Staff
- Type: News
- Topics: Fintech, Startups
- URL: https://thecircuit.ca/posts/2026-10-22-neo-financial-credit-union-facility/

Neo Financial has a new source of money for its credit cards. The Calgary company secured a [$185-million syndicated warehouse facility](https://betakit.com/neo-financial-secures-185-million-credit-facility-from-credit-unions/) led by ATB Financial, the Alberta Crown corporation. Credit unions Vancity, Beem, Alterna Savings and Innovation Federal joined.

A warehouse facility is a credit line backed by the loans themselves, here Neo's credit card balances. It lets Neo lend more without raising equity. Co-founder Jeff Adamson told BetaKit the terms allow it to grow to $250 million. "Building a more competitive banking system in Canada is a team sport," he said.

It's been a rough year for Neo. It lost two flagship loyalty partners, Tim Hortons and The Hudson's Bay Company, and laid off about 10% of staff in September. In June it launched four new cards, including ones with Mastercard and United Airlines.

**Why it matters:** Debt from Crown and co-operative lenders, rather than a U.S. venture round, is a vote of confidence in Neo's loan book from Canadian institutions. It's also a sign that credit unions see fintechs as partners rather than rivals as they try to compete with the Big Six banks.