Brazilian fintech Neon becomes a unicorn | LatamList

neon-becomes-a-unicorn

The Brazilian fintech Neon announced a Series D funding round of $300M led by Spanish bank BBVA. Although the company did not disclose its total valuation, it said it has already become a unicorn.

Neon is a digital bank on a mission to unite technology and design to simplify people’s financial experience and bring greater accessibility to financial tools. The fintech offers a simple digital banking account alongside other financial tools such as credit cards, personal loans, and investment products.

“We give all our customers simple and sustainable ways to access credit fairly. This is our contribution to reducing inequalities and making a difference in people’s lives,” said Pedro Conrade, founder of Neon.

The Brazilian fintech Neon previously raised a $300M Series C in 2020. The platform saw huge growth last year, reaching 15 million customers and tripling revenue, and expects to more than double that revenue again this year.

“With BBVA’s global support and expertise in digitalization and credit we will have even greater advances,” Conrade continued.

BBVA is a Spanish bank and lender platform. The bank is acquiring a 21.7% stake in the company, building on the 8% it bought in 2018. 

The Brazilian fintech will use the funding to invest in new technology development and new products for its Democredit’s platform. Democredit is the fintech’s intelligence-based platform that analyses and evaluates client’s finances in order to offer affordable and fair loans. 

Neon will also dedicate some funding to developing its marketing strategy.

Read more on Bloomberg.

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