neon collects CHF 5m in funding to support product expansion

Smartphone banking platform neon has collected CHF 5m ($5m) in funding to boost product expansion.

The Switzerland-based FinTech secured the funding from Tamedia, a local media company, Backbone Ventures, and various unnamed existing backers.

With the new funds, the company is looking to enhance its product offerings. One of the first examples of this will be the introduction of e-bills. Other future product features include faster booking of card transactions or more user self-servicing.

Neon enables users to create a private account with deposit insurance of up to CHF 100,000. A Mastercard comes with the account which can be used to pay online or in stores around the world. The card also lets users withdraw money from ATMs and access suitable international conditions.

The FinTech is currently working on enabling Apple and Google Pay services, allowing consumers to freeze the card through the app or set up spending limits.

Other services offered by Neon include analysis tools where a consumer can take a photo of their receipt and attach it to a transaction, monitor spending habits and see what categories they Are spending most money in, eg, food, clothing or leisure.

Backbone founding partner and chairman Miklos Stanek said, “neon thrills us with its product and its highly committed team. We firmly believe that neon will visibly change Swiss customers’ banking behaviour within the next 2-3 years. We’re looking forward to going down that path together with neon.”

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