Calgary-based financial tech company lays off over 100 employees
A Calgary-based financial tech company has laid off 102 employees, or roughly 10 per cent of its workforce, according to its CEO.
In a LinkedIn post on Sept. 8, 2026, Neo Financial released a statement from CEO and co-founder Andrew Chau detailing the layoffs.
“Today, we made one of the hardest decisions we’ve made as a company. We said goodbye to 102 of our colleagues, roughly 10 per cent of our team, across nearly every part of Neo,” the post read.
According to the post, the layoffs are part of an effort to operate as a “simpler and faster team” and focus on fewer products. The company said its rapid growth over the years had made its operations more complex and slower.
Neo Financial/Facebook
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“We exist to help every Canadian make real financial progress. That means meeting Canadians where they are and helping them turn daily money management into better credit, build real savings, and ultimately unlock homeownership. That’s the mission, and starting today, 100 per cent of our energy goes there.”
The company said employees affected by the layoffs will receive severance and extended benefits coverage, as well as career transition support.
The layoffs affected employees across nearly every part of the company. Following conversations with employees who were let go, Neo said that building, IT, and system access were deactivated.
The company said this was done as part of its policy for immediately offboarding employees who have access to sensitive personal information.