Brazilian fintech company Neon has secured US$129 million in an extension of its Series E funding round, with new backing from the International Finance Corporation (IFC) and DEG, a subsidiary of Germany’s KfW Group.

Existing investors BBVA and General Atlantic also participated in the round, which follows the initial Series E funding completed in September 2024.

Founded in 2016, Neon offers digital financial services including current accounts, credit cards, personal loans, and investment products to consumers in Brazil.

The company stated that the new funding will support efforts to scale operations while maintaining a focus on profitability.

Neon aims to continue serving Brazil’s working population, particularly lower-middle income groups, according to LatamList.

Key priorities include enhancing its Pix payment system capabilities, integrating Open Finance frameworks, and applying artificial intelligence to streamline processes.

“In the face of macroeconomic uncertainty, we will take a cautious approach to growing our credit portfolio, with a focus on sustainable growth,” said Pedro Conrade, CEO of Neon.

In 2024, Neon reported a 50% increase in revenue and achieved breakeven, ending the year with a profit in the final two months. Its credit portfolio now exceeds R$6 billion.