Nomad

Overview
News
Neobanks?
Product stageSegments
Growth
?
Digital Banking - General (B2C)
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Based in Brazil, Nomad is a digital bank that offers US bank accounts to Brazilians. It also provides currency exchange services and an investing platform.

Its USD-denominated personal checking accounts (inclusive of a debit card) are FDIC-insured (up to USD 250,000 per depositor) and allow users to make local and international transactions in store or digitally. It also allows users to send and receive dollars from any account and perform currency exchanges at the official rate plus a lower IOF (financials operations tax) rate. Moreover, its debit card can be linked with digital wallets such as Apple Pay and Google Pay, and customers can make unlimited no-fee withdrawals from Allpoint’s ATMs network. Nomad does not charge account opening fees or maintenance fees, and it also does not impose minimum balance requirements. Customers can open an account using either a Brazilian ID card, drivers license, or passport.

Nomad also offers an investment platform with funds up to USD 500,000 insured by SIPC, with customers able to invest in US equities, ETFs, and REITs with just USD 1. In addition, Nomad provides additional benefits via its app. Its “Shop” feature provides discounts, cashbacks, and access to VIP lounges at international airports, and its loyalty program, Nomad Pass, rewards points to customers converting currency.

Key customers and partnerships

As of 2023, customers had opened over one million accounts with Nomad.

The bank does not have its own banking license in the US and provides its banking products in partnership with Evolve Bank & Trust and Banco Ourinvest S.A., while investment services are provided in partnership with DriveWealth.

Fundings and financials

In September 2023, Nomad raised USD 61 million in a Series B extension round led by Tiger Global Management, with participation from Stripes, Monashees, Spark Capital, and Propel, among others. It had planned to use the fresh funds to develop the company's investing platform as well as launch new products, including credit cards.

As of 2023, the company had over BRL 2 billion (USD 0.4 billion) worth of assets under its custody and processed over BRL 1 billion (USD 2 billion) in credit card transactions and BRL 5 billion (USD 1 billion) in international transfers.

HQ location:
São Paulo BRA
Founded year:
2019
Employees:
251-500
IPO status:
Private
Total funding:
USD 117.5 mn
Last Funding:
USD 60.7 mn (Series B; Aug 2023)
Last valuation:
USD 364.5 mn (Aug 2023)
Key competitors
 
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