#DigitalBanking / Brazil’s Neon Pagamentos secures $300 million equity raise

Founded in 2016, Neon launched with a simple digital account and has since expanded its product suite to include investment products, credit cards, and personal loans, among other new offerings and features. It has expanded its initial focus on consumer clients to also serve small businesses, accelerated by its acquisition of MEI Fácil in 2019. Most recently, in July 2020, Neon acquired one of Brazil’s first brokerage platforms, Magliano Invest, in order to offer new investment products.

Neon says the cash will be used to support hiring, scale its loans business, and to pursue strategic M&A opportunities.