Increasing Value, Gaining Confidence: How a Hypergrowth Fintech Improved SOC 2 Success with MHM
Case Study: Neo Financial’s Boutique Audit Advantage
Founded in 2019 and headquartered in Calgary, Alberta, Neo Financial is a Canadian fintech company reimagining how people spend, save, and manage their money. Through its suite of digital financial services, including credit cards, everyday spending and savings accounts, reward programs, and mortgages, Neo combines modern technology with a customer-first experience to bring innovation to Canada’s financial landscape. Learn more about Neo Financial at www.neofinancial.com
The Challenge:
As Neo Financial scaled its operations, the company faced the complex task of building a secure, compliant, and trusted fintech platform, effectively creating a Money Services Business from the ground up. With ambitious growth goals and a lean internal team, Neo needed an audit partner that could balance rigor with practicality. Traditional, large-scale audit firms offer name recognition but lack the agility and understanding required to support a company still evolving its systems, controls and regulatory frameworks. While their fees are significantly higher, the service and client experience often fail to justify the cost. This is the situation Neo found themselves in when MHM entered the picture.
Looking for a more appropriately priced solution, Neo Switched to MHM - drawn by our ability to deliver the same high-quality audit expertise at a significantly more reasonable price point. Neo sought a partner that could deliver:
Accessibility and collaboration: direct contact with senior auditors who understand the “why” behind every control.
Flexibility: the ability to adapt to the realities of a fast-moving fintech environment, not just check boxes.
Cost-effectiveness: a partner capable of delivering value and insight without the inflated fees of larger firms.
“During Neo’s early development phase, our goal was to find a locally sourced and accessible strategic audit partner. This partner needed a deep comprehension of the intricate challenges associated with building a money services business from the ground up.”
The MHM Approach:
After experiencing the high costs and reduced flexibility of a large firm, Neo brought in MHM for their practical expertise, transparent and fair pricing, and deep understanding of cybersecurity and compliance frameworks.
From the start, MHM’s team (Sr. Auditors with Principal support) embedded themselves as true partners rather than distant evaluators.
MHM’s approach focused on:
Practicality over theory: Instead of simply flagging exceptions, MHM’s auditors invested the time to understand how Neo’s systems and frameworks connected, combining critical thinking with flexibility to ensure the audit reflected both technical accuracy and operational reality.
Efficiency and simplicity: MHM leveraged Neo’s existing GRC platform to streamline evidence collection and review, minimizing disruption for a small compliance team.
Continuity and context: The same senior auditors return each year, maintaining deep institutional knowledge of Neo’s systems, eliminating the constant onboarding and re-explaining that often comes with larger firms, saving the team countless hours of retraining new audit teams.
Transparent, upfront pricing: MHM provided clear, fixed fees with no surprises. By tailoring the scope and aligning costs to Neo’s needs, they could plan confidently and move through the audit knowing exactly what to expect, making it straightforward, predictable, and stress-free.
MHM’s personalized touch combined deep expertise and operational understanding, ensuring that Neo’s leadership always had confidence in audit progress without excessive meetings or administrative overhead.
“The relationship gives a sense of having dedicated, internal support,” says Brown. “It operates less like an external firm and more like an extension of our own team.”
The Results:
Over multiple SOC 2 audit cycles, Neo Financial has built a trusted partnership with MHM, one that combines technical depth with human understanding. Neo described their experience with MHM as ‘collaborative, thoughtful and seamless’.
Key outcomes:
Streamlined audits with minimal disruption: MHM’s ongoing familiarity with Neo’s systems reduced the workload for internal teams.
Higher confidence in compliance: Auditors with decades of experience made the process smooth and reduced the need for additional communication.
Enhanced control maturity: MHM’s collaborative review process has helped Neo refine and strengthen its control framework.
Consistent value and trust: While large firms carry recognition, oftentimes reputation eclipses results. Neo continues to choose MHM for its unmatched expertise, superior client experience, and audit reports recognized across the industry for their quality and credibility.
Over multiple audit cycles, the relationship has evolved into a true partnership, one grounded in shared problem-solving, transparency, and a mutual commitment to quality. Even as Neo engages with larger banking partners, MHM’s value and expertise shine through.
“MHM has exceeded my expectations of what an audit should be, says Brown. If we went to a larger firm tomorrow, I’d have a specific expectation they wouldn’t be able to meet and wouldn’t even try to. The personal approach just isn’t the same.” - Matt Brown, Neo Financials' Compliance Director
Looking Ahead:
Neo Financial’s compliance program continues to evolve, integrating advanced GRC tools and expanding its regulatory frameworks. MHM remains a strategic partner in this journey, providing the same thoughtful, boutique service that first won Neo’s trust. Together, Neo and MHM are demonstrating the power of collaboration and specialization in modern fintech compliance.
We’re honored and grateful for the opportunity to work with Neo Financial. At MHM, our goal is always to provide more than just compliance assessments, we aim to deliver a personalized, collaborative experience that truly supports our clients’ goals. Thank you, Neo Financial, for trusting us to be part of your journey. Your partnership inspires us to continue raising the bar in cybersecurity and compliance audits.