Nomad is a fintech platform that offers a digital bank account and investment services in U.S. dollars for Brazilian users, enabling seamless international transactions and access to the American financial market. The platform addresses the challenges of currency conversion and high fees associated with overseas banking by providing competitive exchange rates and zero-commission investment options.
Funding
$118.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
TGFounders
Product
Problem
Brazilians face challenges when trying to participate in the U.S. financial market, including currency conversion fees, high operational costs, and the complexity of international transactions. Traditional overseas banking solutions often lack the convenience and accessibility of local digital platforms.
Solution
Nomad provides a fintech platform that simplifies international financial management for Brazilians by offering a U.S. dollar-based digital account and investment services. Users can easily convert Brazilian Reais to U.S. dollars at the commercial exchange rate, make international transfers, and invest in American financial assets with zero-commission brokerage. The platform features a debit card for global spending in over 180 countries, supports international payments, and offers a loyalty program (Nomad Pass) for reduced operational fees. Nomad aims to provide a secure, user-friendly, and cost-effective way for Brazilians to manage their finances internationally.
Target Audience
The primary target audience is Brazilian residents who travel internationally, make purchases in foreign currencies, receive payments from abroad, or are interested in investing in the U.S. financial market.
Features
- Digital account denominated in U.S. dollars, accessible via a mobile app for Android and iOS
- International debit card (physical and virtual) for purchases in over 180 countries with automatic currency conversion
- Investment platform offering access to ETFs, fixed income assets, stocks and REITs in the U.S. market
- Real-time currency exchange from BRL to USD at the commercial dollar rate
- Fee structure with transparent conversion rates and low operational costs (1.1% for investment accounts, 3.5% for international accounts)
- Nomad Pass loyalty program offering reduced conversion fees and exclusive benefits
- Integration with Ouribank S.A. Banco Múltiplo for secure currency exchange and transfers
- FDIC insurance up to $250,000 on U.S. dollar deposits through Community Federal Savings Bank
- 24/7 customer support in Portuguese, including weekends and holidays, with a toll-free line for customers in the U.S.
- Nomad Lounge access at Guarulhos Airport and exclusive benefits in Orlando