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BBVA invests $300m in Brazil's Neon

BBVA invests $300m in Brazil's Neon

BBVA is investing $300 million in Neon, bringing the Spanish lender's stake in the Brazilian digital bank to just under 30%.

BBVA is acquiring a 21.7% stake in Neon, building on the eight per cent it bought in 2018.

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.

The company boasts 15 million registered accounts making it one of several fintech giants - alongside the likes of Nubank, Ebanx, C6 and Creditas - to blossom in Latin America's biggest market.

For BBVA, the deal is part of a strategy to invest in digital lenders around the world, including Atom Bank in the UK and Germany’s Solarisbank.

Carlos Torres Vila, chairman, BBVA, says: “The commitment to innovation is part of BBVA’s DNA, and digital is opening new ways for us to grow in very attractive markets.

“Neon’s value proposition connects with the financial needs of Brazilians serving as a platform to continue to grow rapidly in a market with great potential.”

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