Brazil's central bank suspended the operations of Neon Pagamentos a day after the start-up had raised $22m in Brazil’s biggest-ever series A round of VC funding from Propel Venture Partners, Monashees, Quona Capital, Omidyar Network.
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Brazil central bank liquidates Banco Neon a day after raising Brazil’s biggest-ever series A
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Neon Pagamentos SA - a financial technology startup, or fintech, that used the infrastructure of Banco Neon to process checking accounts - was not liquidated, the central bank said. However, it was forbidden from opening new accounts and its current users may have their accounts blocked. Banco Neon did not respond to requests for comment. Its website posted a copy of the central bank decree liquidating the bank due to “grave violations of legal and regulatory norms” and its “compromised financial situation.”
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