Neon


Brazilian fintech Neon has raised $80 million in its first Credit Rights Investment Fund (FIDC) focused on credit cards as it looks to create a “conscious path to credit” for millions of Brazilians.

Neon raises $80m to support access to credit in Brazil

This is the second fundraise by Neon in the private credit market this year. It raised more than $40 million for its private payroll deductible FIDC at the beginning of 2022.

Management of the new fund will be handled by Empírica, which boasts a portfolio of more than 50 funds and over $1.5 billion in assets under management.

This latest investment brings the total fund to $170 million, and Neon says it expects that amount to double.

The FIDC will allow the fintech and digital bank to expand its portfolio of credit products “in a sustainable and balanced way”, the fintech says. The fund will also allow the company to better leverage its technology and credit analysis models.

Neon CEO Jamil Marques says: “Today our credit engine is mature and the FIDC resources will give us the strength to continue expanding our portfolio.

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

Neon ended 2021 with a total credit portfolio of $270 billion and the FIDC will bring greater flexibility to its growth strategy.

Alongside its existing personal loans, payroll loans and credit cards, Neon recently launched its ‘elastic limit’ service, which makes it possible to expand credit for one-off purchases, based on a credit assessment.

Neon says it plans to launch new solutions that will help its 15 million customers to access credit throughout the rest of the year.

Earlier this year, Spanish banking giant BBVA acquired a 21.7% stake in Neon, which, on top of its prior 2018 investment, brings its stake to 29.7%.





Image and article originally from www.fintechfutures.com. Read the original article here.