Brazilian fintech Nomad, which allows customers to open a bank account in the US, has raised $32m in the latest funding round.
US venture capital fund Stripes led the round, which was joined by monashees, Spark Capital, Propel, Globo Ventures, and Abstract.
The Latin American fintech will use the proceeds to invest in technology, upgrade its product portfolio, and expand its operating team.
Patrick Sigrist, Marcos Nader, and Eduardo Haber founded Nomad in 2019.
Currently, the firm caters to 300,000 customers and aims to expand its customer base to one million by the end of 2022.
Nomad’s customers can open a US bank account, which is insured by the Federal Deposit Insurance Corporation (FDIC), guaranteeing up to $250,000.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe fintech also offers services such as payments, transfers, investment in global markets, and international purchases among others.
“The accounts here in Brazil are dominated by banks, which have 90% of the market, and they are not interested in giving you access to the global financial world. But living abroad is difficult to make a payment, send money,” Sigrist told Bloomberg Linea in an interview.
“We believe that now is the time for Nomad to build a platform of USD-denominated products and services that are otherwise uneasily accessed by the majority of the market. We are thrilled to partner with Lucas, Patrick and the rest of the Nomad team as they build the bank for Brazilians, outside of Brazil”, Stripe said in a statement.