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Brazilian Neobank Nomad receives US$61M investment to expand its customer base

August 22, 2023
Por
Estadão
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With this investment, the neobank has received the largest contribution of the year for a Latin American financial startup.
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Nomad, the fintech company that offers a global account for travellers, will receive the largest contribution of the year to a financial start-up in Latin America in 2023. Led by Tiger Global Management, which has invested in Nubank and Open AI (the company behind ChatGPT), the investment is worth US$ 61 million, around R$ 300 million. The investment includes the participation of Nomad's current investors: Stripes, Monashees, Spark Capital, Propel, Globo Ventures and Abstract. The funding brings the company's market value to R$1.8 billion.

With more than 1 million customers, Nomad is co-founded by Patrick Sigrist, co-founder and CEO of iFood until 2015.

"We created this global account category in Brazil in 2019. The country is still among the last in Latin America to have money abroad. There will be a huge movement, with many opportunities and the biggest beneficiary will be the customer," Sigrist told Estadão. Last year, individuals sent a record US$4.7 billion abroad.

The new fundraising will be used, according to the company, to continue expanding the number of clients. The company is competing with the likes of Wise, Revolut and C6 Bank to offer accounts in dollars and other currencies.

"Unlike other startups that take a long time to show that the dream can come true, we've already seen a lot of growth. We have real revenue and profit. We have a large margin and are close to breakeven," says Lucas Vargas, Nomad's CEO.

For Renato Nobile, a partner and manager at Buena Vista Capital, the market for venture capital investments in start-ups tends to reheat with the fall in interest rates in Brazil this year and the market will become even more intense when the same happens in the United States. According to Nobile, Brazilian fintechs are well positioned to raise funds and global accounts are part of a movement to increase consumer choice over their finances.

"The international account is the beginning of the decentralisation of finance. Consumers want to be able to have their accounts in reals, dollars or euros. This is already decentralisation," says Nobile.
Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Nomad, the fintech company that offers a global account for travellers, will receive the largest contribution of the year to a financial start-up in Latin America in 2023. Led by Tiger Global Management, which has invested in Nubank and Open AI (the company behind ChatGPT), the investment is worth US$ 61 million, around R$ 300 million. The investment includes the participation of Nomad's current investors: Stripes, Monashees, Spark Capital, Propel, Globo Ventures and Abstract. The funding brings the company's market value to R$1.8 billion.

With more than 1 million customers, Nomad is co-founded by Patrick Sigrist, co-founder and CEO of iFood until 2015.

"We created this global account category in Brazil in 2019. The country is still among the last in Latin America to have money abroad. There will be a huge movement, with many opportunities and the biggest beneficiary will be the customer," Sigrist told Estadão. Last year, individuals sent a record US$4.7 billion abroad.

The new fundraising will be used, according to the company, to continue expanding the number of clients. The company is competing with the likes of Wise, Revolut and C6 Bank to offer accounts in dollars and other currencies.

"Unlike other startups that take a long time to show that the dream can come true, we've already seen a lot of growth. We have real revenue and profit. We have a large margin and are close to breakeven," says Lucas Vargas, Nomad's CEO.

For Renato Nobile, a partner and manager at Buena Vista Capital, the market for venture capital investments in start-ups tends to reheat with the fall in interest rates in Brazil this year and the market will become even more intense when the same happens in the United States. According to Nobile, Brazilian fintechs are well positioned to raise funds and global accounts are part of a movement to increase consumer choice over their finances.

"The international account is the beginning of the decentralisation of finance. Consumers want to be able to have their accounts in reals, dollars or euros. This is already decentralisation," says Nobile.
Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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