Neo banks 🏦 — Neo Financial raises a huge round. Shopify missed profit estimates but closed a huge acquisition. And the password may go the way of the dodo.

Calgary’s Neo Financial has raised C$185 million led by billionaire Peter Thiel’s Valar Ventures—launching the challenger bank into Canadian unicorn status, or a valuation of over $1 billion. Shopify missed profit estimates and announced the largest acquisition in its history, a US$2.1 billion deal for startup Deliverr to expand its warehousing and delivery services for merchants that would rival Amazon. Apple, Google, and Microsoft want to kill off passwords for good—within the coming year, all three companies will build support for a cross-platform passwordless sign-in where your phone is the password. The Peak Daily is produced by 306 Media Productions. Hosted by Brett Chang and Jay Rosenthal.