What is Neon?
Founded in 2017, Neon operates a free account app that provides users with a complimentary Mastercard, with accounts opened at Hypothekarbank Lenzburg. The company positions itself as offering Switzerland's most advantageous account and card options for the typical user, challenging traditional banking models with its fee-free approach. Neon's business model focuses on accessibility and cost-effectiveness for everyday banking needs.
How much funding has Neon raised?
Neon has raised a total of $13.2M across 2 funding rounds:
Unspecified
$5.4M
Other Financing Round
$7.8M
Unspecified (2020): $5.4M with participation from TX Group, Schwyzer Kantonalbank, Backbone Ventures, Roland Brack, Bettina Hein, and Helvetia Venture Fund
Other Financing Round (2021): $7.8M led by The Tx Group, QoQa Services France, Schwyzer Kantonalbank, BackBone Ventures, and Helvetia Venture Fund
Key Investors in Neon
Schwyzer Kantonalbank
Schwyzer Kantonalbank (SZKB) is a Swiss financial institution offering a comprehensive suite of banking, savings, financing, and investment services. They focus on personalized private banking and business support, emphasizing sustainability and community engagement.
The Tx Group
Tx Group is a UK-based provider of private professional therapy services, known for its patient-centered approach and commitment to quality and accessibility. They employ specialists to deliver services across the UK.
QoQa Services France
QoQa Services France operates within the Media & Internet industry, providing services and generating revenue within the 1M-5M range. The company focuses on digital offerings and services.
What's next for Neon?
The substantial enterprise-level funding and recent strategic investment signal a pivotal phase for Neon. This capital is likely to be deployed towards enhancing its technological infrastructure, expanding its user base within Switzerland, and potentially exploring new product verticals or international market entries. The company's focus on a fee-free model suggests a strategy aimed at capturing market share through aggressive customer acquisition and retention, leveraging its recent backing to solidify its competitive advantage.
See full Neon company page
