BBVA to Invest $300 Million in Brazil’s Virtual Bank Neon
BBVA has reportedly agreed to invest $300 million (around €263 million) in Neon, a Brazilian digital bank founded in 2016 that aims “to improve access to financial services for individuals, self-employed and small businesses in its country.”
Neon claims 15 million registered accounts. The investment takes place in “a context of unprecedented technological disruption, with solid growth of digital and innovative models, particularly in financial services.”
In addition to a commitment to innovation, this investment enables BBVA to gain exposure to retail banking in Brazil, “a market with one of the highest potential in the world.”
Photo courtesy of Andrea Piacquadio.