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Noh secures USD 3 mln to automate splitting bills

Friday 11 March 2022 11:45 CET | News

Brazil-based payments platform Noh has closed a seed round worth USD 3 million to enter the Brazil market of shared finances.

According to the press release, Brazil is a large market for joint purchases. Noh promises to automate the division of expenses, eliminating transferring cash for every individual bill. Its goal is to become a primary payment method.

The company was founded in November 2021. Its first product, an app that functions as a shared digital wallet, will launch in March 2022. Users will be able to make payments by bank slip (or ‘boleto’), Pix (Brazil’s electronic payment system) or a prepaid Visa card issued by Noh.

After registering and opening an account with Noh, each user can create as many groups as they want. Groups can be fixed for people who share recurring expenses (electricity bills, rent, or weekly football games) or temporary for one-off purchases like a vacation trip. Users then transfer funds to the shared digital wallet and set how much each person will pay for an expense or account, an even split between participants, 60/40, or any other percentage.

Open Banking will play a role in bringing Noh’s growth plans to life. In the future, the company intends to add extensive banking integrations so that the amounts can be debited directly from the users’ bank accounts. As a result, the service was born with a vision that goes beyond its debut product.


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Keywords: mobile payments, product launch, funding, PIX, Open Banking
Categories: Payments & Commerce
Companies:
Countries: Brazil
This article is part of category

Payments & Commerce