Nomad is the first US digital bank to offer global financial services to Brazilian mass affluents. With a single app, users can send remittances cost-efficiently, make international purchases at lower costs, transfer funds, pay bills, and invest in global markets.
The company was founded by very experienced entrepreneurs who played important roles in the creation of two of the region’s unicorns. The founding team includes the co-founder of iFood (Patrick Sigrist), the former CTO of iFood (Gabriel Pinto), the former CEO of Zap VivaReal (Lucas Vargas), and the former CEO of Advis (Eduardo Harber). In less than a year, the team was able to launch a state-of-the-art product and attract more than 50,000 users.
The startup offers two very compelling value propositions within its current product offerings. The first is a decrease of around 10% in the cost of international purchases. The savings come from two sources: (i) a much lower spread than is found with big banks, which usually charge 6–7%, and (ii) a relevant reduction in the tax treatment (IOF), which is 6.38% for normal credit card purchases, but only 1.1% for remittances. Since Nomad’s users send their money to a U.S. bank account before spending it, they save 5.28%. The second value proposition is the investment product. At present, Nomad offers its users the optionality to invest in funds with US stocks, a compelling proposition as many still don’t have direct access to such investments. In the near future, Nomad will offer access to US-based equities and benefit from the unprecedented growth in the stock market in Brazil, which still lacks a wide variety of investment options for the new generation
Nomad is the first US digital bank to offer global financial services to Brazilian mass affluents. With a single app, users can send remittances cost-efficiently, make international purchases at lower costs, transfer funds, pay bills, and invest in global markets.
The company was founded by very experienced entrepreneurs who played important roles in the creation of two of the region’s unicorns. The founding team includes the co-founder of iFood (Patrick Sigrist), the former CTO of iFood (Gabriel Pinto), the former CEO of Zap VivaReal (Lucas Vargas), and the former CEO of Advis (Eduardo Harber). In less than a year, the team was able to launch a state-of-the-art product and attract more than 50,000 users.
The startup offers two very compelling value propositions within its current product offerings. The first is a decrease of around 10% in the cost of international purchases. The savings come from two sources: (i) a much lower spread than is found with big banks, which usually charge 6–7%, and (ii) a relevant reduction in the tax treatment (IOF), which is 6.38% for normal credit card purchases, but only 1.1% for remittances. Since Nomad’s users send their money to a U.S. bank account before spending it, they save 5.28%. The second value proposition is the investment product. At present, Nomad offers its users the optionality to invest in funds with US stocks, a compelling proposition as many still don’t have direct access to such investments. In the near future, Nomad will offer access to US-based equities and benefit from the unprecedented growth in the stock market in Brazil, which still lacks a wide variety of investment options for the new generation