Brazilian fintech Nomad secures $61m in fresh funding
Nomad, a Brazil-based fintech that allows Brazilians to open bank accounts in the US, has secured $61 million in a fresh funding round.
The funding, part of Nomad’s Series B round, was led by Tiger Global Management, and values the start-up at BRL 1.8 billion (approximately $364 million).
The round also saw participation from existing investors Stripes, Monashees, Spark Capital, Propel, Globo Ventures and Abstract, all of whom also took part in the firm’s $32 million Series B raise in May 2022.
Founded in 2019 and headquartered in São Paulo, Nomad equips Brazilian customers with access to financial services in the US, including a digital US bank account, debit card, foreign exchange, cross-border remittances and investment products.
In a LinkedIn post, Nomad claims that the fresh funding it received is the “largest contribution” among fintechs in Latin America in 2023. It adds that it aims to deploy the money towards accelerating the growth of its business, expanding its investment platform and focusing on launching new products, including credit products.