Brazil-based Neon Pagamentos has raked in $300m in Series C funding round to fund its growth strategy amid the surge in demand for digital banking services.
The funding round was led by General Atlantic and joined by existing investors BBVA-backed Propel Venture Partners, Monashees, and Flourish Ventures.
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New investors include BlackRock, Vulcan Capital, PayPal Ventures, and Endeavor Catalyst.
The investment will be divided into two portions of $150m each.
The latest funding round brings the total amount raised by the company to date to $414m.
Neon will use the fresh capital to fund product development, support hiring, grow its user base, and bolster its technological know-how.
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By GlobalDataAdditionally, the company aims to launch new financial services for its 2019-acquired MEI Fácil platform users of one million micro-entrepreneurs.
Neon added that it will also use the Series C proceeds to enhance its credit offerings and to pursue mergers and acquisition deals.
Neon Founder Pedro Conrade said: “Neon was born with a clear purpose: to provide an accessible bank account to any Brazilian, placing user experience at the center of everything we do.”
Neon president Jean Sigrist said: “This new financing enables us to continue our mission of serving even more clients with an increasingly robust offering.”
Founded in 2016, Neon first offered a digital account to its users. Now it also offers investment products, credit cards, and personal loans, and more.
In July, Neon acquired a Brazilian brokerage platform Magliano Invest.
