Neon, a new mobile-only bank with no monthly or annual fees, has launched in Brazil, targeting millennials.
The digital bank, founded under the stewardship of entrepreneur Pedro Conrade, is a spin off from fintech firm Contro.ly that was established in 2014.
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Neon boss Pedro Conrade said: “My distaste with the traditional banking model started after a disastrous experience during international travel where my bank didn’t bother to help me through a tough situation. It was then that I realised I was just another number to them.”
The bank aims to build active customer base of 100,000 in its first year of operation.
Customers of the bank will be issued one physical and one virtual Visa-branded card. The physical card can be used for point-of-sale purchases at retail locations, and the virtual card for online purchases.
Neon will use Daon’s IdentityX platform for biometric authentication. Customers of the digital bank can use facial recognition to access their account and to make payments.
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By GlobalDataDaon CEO Tom Grissen said: “Daon works with some of the most innovative brands in the financial services industry and we’re excited to be working with Neon to provide their customers with a superior user experience through the use of biometrics.
“Convenient and secure authentication has become critical in today’s digital economy as customers embrace their smartphone as the preferred device to do business online.”
