Nomad, a Brazil-based fintech enabling Brazilians to open US bank accounts, has secured $61 million in a Series B funding round led by Tiger Global Management, valuing the company at approximately $364 million.
Facts
- Nomad raises $61 million in Series B funding round.
- The funding round was led by Tiger Global Management and valued Nomad at BRL 1.8 billion (about $364 million).
- Nomad, founded in 2019 and headquartered in São Paulo, offers Brazilian customers access to various US financial services, including digital US bank accounts, debit cards, foreign exchange, cross-border remittances, and investment products.
- Existing investors Stripes, Monashees, Spark Capital, Propel, Globo Ventures, and Abstract also participated in this funding round, following their involvement in the firm’s $32 million Series B raise in May 2022.
- Nomad plans to use the funding to accelerate business growth, expand its investment platform, and launch new products, including credit products. It claims to have received the largest contribution among Latin American fintechs in 2023.
