Brazilian fintech Neon Pagamentos raised $95 million (R400 million) from General Atlantic and Banco Votorantim to accelerate the company’s growth and raise its brand presence outside of the Rio-Sao Paolo corridor, an investment that officials claim is the largest Series B investment in the history of that country.
Neon is an app-based Brazilian challenger bank founded in 2016 which provides qualified customers with a credit card and allows them to make investments and transfers to other banks.
“This new fundraising rounds off our business model and gives us the strength to keep growing at an even more intense pace and to invest even more in technology and marketing,” Pedro Conrade, partner and founder of Neon, said in a release from General Atlantic.
Neon raised $22 million (R72 million) in May 2018 in a Series A round led by San Francisco-based Propel Venture Partners, Brazilian venture capital firm Monashees and Quona Capital. The funding round was backed by Omidyar Network, a fund from eBay founder Pierre Omidyar, Tera and Yellow Ventures.
Cover image: Neon.