May 7, 2018 / 1:17 PM / a year ago

Brazil fintech Neon Pagamentos partners with Banco Votorantim

SAO PAULO, May 7 (Reuters) - Brazilian financial startup Neon Pagamentos SA said on Monday it has formed a partnership with Banco Votorantim SA, seeking to quickly normalize operations with its 600,000-client base after suffering a regulatory blow last week.

On Friday, Brazil’s central bank liquidated smaller lender Banco Neon SA, which was used by Neon Pagamentos to process checking accounts, due to a breach of regulations, forcing the so-called fintech to partially halt operations.

In a statement, Neon Pagamentos said it will work to stabilize its services as soon as possible.

Banco Votorantim is Brazil’s sixth-largest private lender and has as one of its shareholders state-controlled bank Banco do Brasil SA. (Reporting by Carolina Mandl)

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