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Neon Pagamentos reinstates operations with Votorantim after Banco Neon closure

Neon Pagamentos SA, a former partner of failed Banco Neon SA, said it has resumed the registration of new clients as of May 16 after successfully migrating to Banco Votorantim SA's system, Valor Econômico reported.

The two companies formed a strategic partnership on May 7 where Banco Votorantim agreed to handle Neon's payment accounts.

Neon Pagamentos said most of its operations were fully normalized and reinstated, including those which were impacted by the recent regulatory closing of Banco Neon.

"The [company] continues to operate in the financial market independently, counting on the support of Banco Votorantim," Pedro Conrade, the founder and CEO of Neon, reportedly said in a statement.

Banco Votorantim has said the partnership with Neon Pagamentos is an important milestone for the bank's diversification and digital transformation.

On May 4,Banco Central do Brasil ordered the liquidation of Banco Neon citing regulatory breaches and impairment of the bank's "economic and financial situation."

Neon Pagamentos, a financial technology startup that had leveraged Banco Neon to process checking accounts, was not part of the liquidation, but had been prohibited from opening any new accounts.