Brazil-based digital bank Neon Pagamentos has partnered with Banco Votorantim to normalise its operations following the liquidation of Banco Neon, which was supporting its operations until recently.
Last week, the central bank of Brazil suspended the operations of Neon Pagamentos after it liquidated the Banco Neon for violating legal and regulatory norms.
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Though it was not liquidated, Neon Pagamentos was prevented from opening new accounts as well as various services including transfers, credit cards and interest-yielding deposits were suspended.
Neon Pagamentos used Banco Neon’s infrastructure to process checking accounts.
Following the formation of the new partnership, the fintech company aims to resume and stabilise all its operations with its more than 600,000 strong customer base. However, it did not provide any timeline to normalise all its operations.
Last week, Neon also raised $22m in a funding round to support its expansion and invest in new technology and services.
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By GlobalDataIt plans to expand its customer base to one million by the end of this year.
