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Brazil's Neon raises $80m to boost credit card push

Brazil's Neon raises $80m to boost credit card push

Brazilian digital bank Neon has raised $80 million for its first Credit Rights Investment Fund (FIDC) focused on credit cards.

The investment increases the fund's size to $170 million and will allow Neon to better use its technology and credit analysis models to bring credit to Brazilian workers, says a statement.

The lender ended 2021 with a total credit portfolio of $270 billion and the idea is that the FIDC will bring greater flexibility to its growth strategy.

Jamil Marques, CFO, Neon, says: "Today our credit engine is mature and the FIDC resources will give us the strength to continue expanding our portfolio in a sustainable and balanced way in the med-long term.

"The focus continues to be on the Brazilian worker, and always with the mission to reduce inequalities by building paths to credit."

This is the second fundraising Neon has carried out in the private credit market this year, following a $40 million raise for a private payroll deductible FIDC.

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