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.
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The 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.