TORONTO - Canada's oldest retailer is teaming up with one of the country's newest financial technology companies to offer a new credit card.
The partnership between Hudson's Bay Co. and Neo Financial announced Tuesdcomes three months after U.S.-based Capital One said it was ending its relationship with HBC and Costco Canada in 2021.
Iain Nairn, president and CEO of HBC, said the new Hudson's Bay MasterCard is part of the retailer's “digital-first strategy” to improve the company's digital offerings and customer experience.
He says the company has increasingly “digitally savvy” shoppers that will appreciate the new card's digital applications, though customers will also receive a conventional plastic card.
Andrew Chau, co-founder and CEO of Neo Financial, calls the partnership the “next generation of credit card and retail innovation.”
He says it's “symbolic” for the financial startup to partner with a company as iconic as HBC.