November 14, 2016 |
A couple of years ago, Pedro Conrade had a bad experience with his bank. “I went one real [$0.31] into overdraft in my account, and the bank charged me more than 40 reais to use the facility. I thought it was an abuse and tried to find something different in the banking market. I could not find anything,” he says.
In his mid-20s and with experience in funding technology startups in Brazil, Conrade decided to do something about it. In 2015 he opened his own business, Contro.ly, a provider of prepaid cards. The company rapidly found a market, amassing more than 10,000 users in a year. Last July, the business evolved into Banco Neon, a digital bank that focuses on young customers and already ha
Hundreds of Brazilian startups are snapping at the heels of the country’s biggest banks, but a top-heavy market, complicated regulations and a lack of funding pose hurdles.