Brazilian Fintech Neon Raises $80 Million in First Credit Card Investment Fund

Neon, a Brazilian Fintech and digital bank, says it has raised $80 million for its first Credit Rights Investment Fund (FIDC). The credit card investment fund is focused on credit cards.

Jamil Marques, CFO of Neon, said this 2nd fundraising by Neon endorses the strength and history they have been building in their credit portfolio:

“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.”

Neon previously raised just over US$ 40 million for its private payroll deductible FIDC at the beginning of 2022.

The management of the FIDC focused on credit cards was attributed to Empírica, an asset management with 12+ years of experience in the market, focused on structured credit and a portfolio of 50+ funds and over US$ 1.5 billion in assets under custodial.

Giuliano Longo, Managing Partner of Business Expansion at Empírica, said that based on their prior experience with Neon they have expanded their relationship to take over the management of the credit card fund:

“The intention is to bring more comfort and security to investors, including ourselves who, via funds of funds managed by us, contributed a total of $20 million US to FIDC Neon. This shows an alignment of interests with the other investors in this fund.”

Empírica, XP and BV also led investments in the FIDC.

Neon ended 2021 with a total credit portfolio of US$ 270 billion. The FIDC is expected to bring greater flexibility to its growth strategy. The fintech expects to maintain a sustainable expansion of its credit portfolio, which should more than double by the end of 2022. Neon reports more than 15 million customers.

Neon recently received a valuation of $1.6 billion after its series D fundraise, in which the Spanish Bank BBVA invested $300 million.

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