Banco Neon CEO Pedro Conrade said the bank had 5,000requests to open an account within 48 hours of , Infomoney reported.  

The new Brazilian bank, which is operating as a mobile application,expects to have 100,000 active accounts by the end of its first year ofoperations.

According to the executive, the bank will charge the lowestrates possible for specific transactions, such as withdrawals and moneytransfers, and won't charge for annuities or opening and maintaining anaccount.

The bank plans to expand its personnel to between 80 to 100employees by February 2017 from its current base of 30 workers, the report said.

Banco Neon was launched through a partnership betweenBanco Pottencial SAand fintech startup 'Contro.ly' to provide digital banking that targets youngcustomers.