Brazilian digital bank Neon has raised $22m in the Series A funding round which was joined by Propel Venture Partners, Monashees, Quona Capital, Omidyar Network, Tera, and Yellow Ventures.

Since its establishment in 2016, the bank has reached more than 600,000 users across Brazil, while the employee strength expanded from eight to 190 people.

In March this year, the company also introduced a credit card with no annual fee for its customers. It is expected to complement the company’s digital account.

It intends to utilise the new funding to expand its portfolio, invest in new technology and innovation to enhance customer experience.

Neon CEO Pedro Conrade said: “We have just launched our credit card, and will have some exciting news to share later in the year about additional products and services in the pipeline.

“This funding shows the investors’ confidence in our team, the market opportunity, and in our mission.

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“It will allow us to keep moving at a fast pace while cultivating the creativity and technology to build a leading financial services company in Brazil.”

Following this investment, Neon Pagamentos has transferred its controlling interest to a UK-based company.

Furthermore, Propel Venture Partners official Jay Reinemann and Monashees official Marcelo Lima will join Neon’s board of directors.

By the end of this year, Neon aims to reach one million customers as well as introduce business banking account services.