Neon is the first fully-digital bank in Brazil, and the fintech startup has just raised the largest Series A round known in Brazil to date. As reported by LAVCA, the round was led by monashees+, Quona Capital, and Propel Venture Partners, with support from Omidyar Network, Tera, and Yellow Ventures.
Since 2016, Neon has reached over 600,000 users in Brazil and has expanded its operations from eight to 190 employees. They recently launched a credit card in March 2018. The credit card complements their digital banking serving, providing a zero-fee payments method for their users.
As a part of the investment, Neon transferred their controlling interest to a holding company in the UK and Propel Venture Partners’ Jay Reinemann and Monashees’ Marcelo Lima will join Neon’s board of directors.
As Neon works to reach 1 million users by the end of 2018, they have added several big names to their team, including Jean Sigrist, former partner of Guide Investments and former director of Itaú; Patrick Sigrist, founder of iFood; and Norberto Giangrande, founder of Rico. Neon will use the fund to continue to develop new products to help free its customers from the bureaucracy of traditional banks.
Learn more about the investment in the original press release on LAVCA.
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