Neon, a São Paulo, Brazil-based fully-digital Brazilian bank, raised $22m in Series A funding.
Propel Venture Partners, Monashees, Quona Capital, Omidyar Network, Tera, and Yellow Ventures participated in the funding round. As part of the investment agreement, Neon Pagamentos SA transferred its controlling interest to a holding company in the United Kingdom. In addition, as part of the new round, Jay Reinemann of Propel Venture Partners, and Marcelo Lima of Monashees, are joining Neon’s board of directors.
The company intends to use the funds for product expansion, investment in technology and innovation on customer experience.
Led by Pedro Conrade, CEO, Neon offers a credit card and online financial services to over 600,000 users across Brazil.
To open an account, users need to download the Neon app, be over 18 years of age, and have a valid ID.
The company, which does not offer physical branches, has a team of 190 employees. Earlier this year, Neon announced the addition of:
– Jean Sigrist, former partner of Guide Investments and former director of Itaú;
– Patrick Sigrist, founder of iFood; and
– Norberto Giangrande, founder of Rico.