Other venture capital funds such as Monashees, Omidyar Network, Propel, Quona and Mabi, who contributed to Neon’s Series A also contributed to this round, with the startup raising R$472M in investments in total.
Neon already has a strategic partnership with Banco Votorantim, which is responsible for handling the startup’s general accounts. Neon offers customers in Brazil an alternative to the notoriously complicated and expensive banking system through a fully-mobile card and personal credit line.
The company currently has 600 employees and 1.6 million active customers. The team hopes to double their user base in 2020 using this new investment. The funds will also allow Neon to expand into cities beyond Rio de Janeiro and Sao Paulo, invest in marketing efforts, and create credit lines and investment options for their customers.