Brazilian fintech unicorn Neon raised $129M in a Series E extension round with participation from the International Finance Corporation (IFC) and DEG, a subsidiary of the KfW Group. Existing investors BBVA and General Atlantic also joined the round. The round follows Neon’s Series E round in September 2024.
Founded in 2016, Neon provides digital accounts, credit cards, personal loans, and investment products to customers in Brazil.
Neon plans to accelerate growth by balancing profitability and scale, with a focus on serving Brazilian workers, particularly those in the lower-middle class. Its priorities include expanding Pix features, integrating with Open Finance, and applying artificial intelligence to improve operations.
“In the face of macroeconomic uncertainty, we will take a cautious approach to growing our credit portfolio, with a focus on sustainable growth,” said CEO Pedro Conrade.
In 2024, Neon grew revenue by 50% and reached breakeven, closing the year with a profit in the final two months. Neon currently manages a credit portfolio of more than R$6 billion.
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