Hudson’s Bay Co. is partnering with Neo Financial to offer consumers a new credit card. The venture brings together Canada’s oldest business and a new player in the financial technology sector. It follows U.S.-based Capital One’s announcement three months ago that it would no longer serve as card provider for HBC and Costco Canada.
“It’s melding together this technology and the retail front of Hudson’s Bay to create one of the most advanced and rewarding credit cards and financial products in Canada,” Neo CEO and co-founder Andrew Chau said of the deal. While HBC’s brick-and-mortar operations have been increasingly troubled amid pandemic-related store closures, the company says its online channel is on the rise.
