Nomad raises USD 32 mln in Series B round

Tuesday 17 May 2022 13:25 CET | News

Nomad, a fintech that allows Brazilians to open a bank account in the US digitally, has raised a USD 32 million Series B round led by US venture capital fund Stripes.

After less than two years operating, the fintech has already raised more than USD 59.2 million.

Founded in 2019, Nomad presents itself as the fintech for Brazilians who want to have ‘a life in dollars’. The company enables the opening of a US bank account guaranteed up to USD 250,000 by the FDIC. Also, through the app, the user can make international purchases, transfers, payments, remittances, investments in global markets, among other transactions.

According to the fintech, one of its differentials is the savings of approximately 10% in common transactions compared to international credit cards: while with a credit card from a Brazilian bank the exchange spread varies from 4% to 7% and the IOF is 6.38%, with the Nomad card, says the fintech, the spread on the commercial dollar is, at most, 2% and the IOF for dollars remittance is only 1.1%.

Besides the banking solutions, the fintech also offers a kind of curation of international investments, suggesting assets for each risk profile and thematic portfolios, such as cryptocurrencies or ESG, for example.

Nomad already has a customer base of 300,000 and plans to reach 1 million clients by the end of 2022.

The newly raised capital will be invested in technology, with special attention to the fintech‘s investment platform. Nomad also plans to launch new products, invest in new marketing channels, and expand its team of 250 employees.

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Keywords: banks, funding, fintech, digital banking, remittance
Categories: Banking & Fintech
Companies: Nomad, Stripes
Countries: United States
This article is part of category

Banking & Fintech




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