By Edlyn Cardoza
- Credit card
- Credit Rights Investment Fund
Investment Fund, FIDC, Credit Card, Private Payroll Loans, FIDC Neon, Brazil” width=”175″ height=”175″ srcset=”https://ibsintelligence.com/wp-content/uploads/2022/07/Neon.jpg 200w, https://ibsintelligence.com/wp-content/uploads/2022/07/Neon-150×150.jpg 150w, https://ibsintelligence.com/wp-content/uploads/2022/07/Neon-100×100.jpg 100w” sizes=”(max-width: 175px) 100vw, 175px”/>Neon, a FinTech company and digital bank focused on improving the lives of Brazilian workers, recently announced that it had raised $80 million in its first credit card-focused Credit Rights Investment Fund (CRIF). This investment brings the total fund to US$170 million in equity, which is expected to nearly double.
“The funding confirms the strength and positive history we have built in managing the credit portfolio over the past few years. Today, our credit engine is mature and FIDC’s resources will give us the strength to continue to develop our portfolio in a sustainable and balanced way in the medium to long term. The focus continues to be on the Brazilian worker, and always with the mission of reducing inequality by building pathways to credit,” says Jamil Marques, CFO of Neon.
This is Neon’s second fundraising in the private credit market this year, given that it had already raised just over $40 million for its FIDC private payroll franchise in early 2022. FIDC focused on credit cards has been awarded to Empírica, an asset management company with more than 12 years of market experience, focused on structured credit and a portfolio of more than 50 funds and more than 1, $5 billion in assets under custody.
“We are delighted with this partnership which began in the first months of the year as a one-time investment in another Neon FIDC, focused on private payroll lending. Based on this good experience, we have expanded our 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, through funds we manage, have contributed a total of $20 million to FIDC Neon. This shows an alignment of interests with the other investors in this fund,” says Giuliano Longo, Business Development Managing Partner at Empírica, adding that the check may increase as the FIDC grows. Besides Empírica, XP and BV have also led investments in the FIDC.
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