Brazilian neobank Nomad has secured $61m in its Series B funding round, to bring in the largest investment for a LatAm financial startup this year.
The firm’s value has now risen to 1.8 billion reais ($361.49m), as a result of the round which was led by Tiger Global Management, also featured the participation of Nomad’s current investors: Stripes, Monashees, Spark Capital, Propel, Globo Ventures and Abstract.
Nomad will use its new capital injection to expand its investment platform and launch new products, including credit cards.
Nomad co-founder Patrick Sigrist, said: “Brazilians are learning the importance of having part of their assets invested in strong currency.
Alex Cook, partner at Tiger Global, said: “We are excited to invest in the Nomad team as it seeks to expand its platform and help drive greater financial inclusion for Brazilians.”
Founded in 2019, Nomad offers Brazilians a bank account in the United States with a debit card for use in more than 180 countries, as well as access to a platform for investments in the USA.
Since the beginning of 2023, the company has exceeded BRL 1bn (approximately $206m) in volume processed in card transactions and BRL 5bn in international money transfers.
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