Neon Pagamentos, a São Paulo, Brazil-based fintech company, raised a Series B funding R$ 400m.
The round – subject, among other conditions, to regulatory approval – was led by General Atlantic and Banco Votorantim, with participation from capital funds Monashees, Omidyar Network, Propel, Quona and Mabi.
The company intends to use the funds to expand its product offering, including the development of credit modalities and investment alternatives to customers, as well as advertising and marketing campaigns, technology infrastructure and talent base.
Founded in 2016 by Pedro Conrade and also led by and Jean Sigrist, managing partner, Neon is a digital bank with almost 2 million opened accounts. Throughout 2019, the company has made strategic decisions to strengthen its business in the corporate segment, such as the acquisition of MEI Fácil, in addition to launching its first advertising campaign and hiring key executives in the areas of risk and control.