Nomad Valuation, Funding & Investors

Nomad is valued at $367M as of August 2023.

See full Nomad profile

Last Nomad valuation

$367M

Series B · Aug 2023

Last Nomad funding round

$61M

Series B · Aug 2023

Cumulative funding Nomad raised

$119M

across 4 funding rounds

Key investors in Nomad

Nomad Overview

About Nomad

Nomad is a financial technology business providing international accounts, payment cards and investment services to Brazilian customers. Its platform supports foreign-currency balances and access to US investment products through partner financial institutions and regulated service providers. Nomad serves Brazilians who are not US residents and states that it is a fintech rather than a bank.


Founded

2019

HQ

BrazilSão Paulo

Status

Privately held

Customer focus

B2C

Revenue model

Subscription

Valuation

$367M (Aug 2023)

Nomad Valuation

Nomad is currently valued at $367M, based on its Series B in August 2023.

The $61M round was led by Tiger Global, with participation from Globo Ventures, Spark Capital, Provence Partners, Propel Holdings, Abstract and 2 other investors.

Nomad's valuation has grown 1.8x from $200M at its Series B in May 2022 to $367M in August 2023, across 2 priced rounds.

Nomad valuation by funding round

Nomad valuation by funding round
DateStageValuation
Aug 2023Series B$367M
May 2022Series B$200M

Nomad Funding History

Nomad has raised a total of $119M across 4 funding rounds.

Nomad's first fundraising round was a $6M seed round in December 2020. The most recent completed round was a $61M Series B in August 2023.

Nomad funding rounds

Nomad funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2023Series BTiger Global (lead); Globo Ventures; Spark Capital; Provence Partners; Propel Holdings; Abstract; Stripes; MONASHEES$61M$367MNomad is a Brazilian fintech founded in 2019 that provides Brazilians with U.S. bank accounts, debit cards usable in over 180 countries, and a platform for U.S. investments, competing with services like Wise. It raised $61 million in a Series B round on August 22, 2023, led by Tiger Global, with participation from existing investors including Stripes, Monashees, Spark Capital, Propel, Globo Ventures, and Abstract. This marked the largest investment for a Latin American fintech that year amid a challenging funding environment. The round brought Nomad's post-money valuation to 1.8 billion reais, equivalent to approximately $365 million USD, up from $200 million in its prior $32 million raise led by Stripes in May 2022 and $20 million Series A in July 2021 led by Monashees and Spark Capital. Funds will support expansion of its global investment platform and new products, including credit offerings and credit cards, to enhance financial inclusion and compete with big banks and global fintechs. By early 2023, Nomad processed over BRL 1 billion ($206 million) in card transaction volume and BRL 5 billion in international money transfers, demonstrating growth. CEO Lucas Vargas noted the round's complexity due to market scrutiny but highlighted the company's progress. Tiger Global partner Alex Cook emphasized Nomad's role in driving financial inclusion for Brazilians holding assets in strong currencies.
May 2022Series BGoogle for Startups (lead); Stripes (lead); Globo Ventures; Spark Capital; Propel Holdings; Abstract; MONASHEES$32M$200MNomad is a fintech founded in 2019 that enables Brazilians to open US dollar bank accounts and access USD-denominated financial services. The platform allows customers to establish FDIC-insured accounts in the United States within minutes, transfer funds from domestic Brazilian banks, and access foreign exchange, investment products, and payment services at transparent rates. The fintech targets multiple segments including individuals seeking currency stability, international travelers, and Brazilian professionals receiving salaries in foreign currencies. In May 2022, Nomad raised $32 million in Series B financing at a $200 million post-money valuation. The round was led by US venture capital fund Stripes, with participation from Monashees, Spark Capital, Propel, Globo Ventures, and Abstract. The company stated it would use proceeds to invest in new technology, launch new products, and expand its operating team. At the time of the funding, Nomad had grown to 300,000 active customer accounts, having tripled its user base from 100,000 in October 2021 to 300,000 by April 2022. The company publicly announced a goal to reach 1 million customers by year-end 2022. Nomad's value proposition centers on providing Brazilians access to products otherwise unavailable domestically, given that Brazilian banks control approximately 90% of the domestic market and offer limited international financial services. The fintech generates revenue through a 1% transaction fee on foreign exchange and interchange fees from debit card usage. The lower tax burden on international transactions using a non-Brazilian card provides additional customer value through savings on the IOF (tax on financial operations) and import duties.
Jul 2021Series AMONASHEES (lead); Spark Capital (lead); Globo Ventures; Norte Ventures; Propel Accelerator; Global Founders Capital; ONEVC; Vast Ventures; Abstract$19M-Nomad is a Brazilian fintech providing dollar financial services, including dollar accounts and credit offerings, aimed at becoming a comprehensive financial hub for Brazilians. Co-founded by Patrick Sigrist (ex-iFood), Marcos Nader, and Eduardo Haber, it launched in late 2020 using founders' capital and early angel/VC funding totaling around $7.5 million. The Series A round in July 2021, led by Monashees and Spark Capital with participation from Abstract, Global Founders Capital, Globo Ventures, Norte Ventures, ONEVC, Propel Accelerator, Spark Capital, and Vast Ventures, raised approximately $20 million. By October-November 2021, shortly after the round, Nomad had acquired 100,000 accounts, growing to 400,000 by April 2022. The company expanded to over 1 million accounts by mid-2023 and employed around 320 people as of the latest reports, following cautious growth and layoffs in 2022. Subsequent rounds included a May 2022 Series B led by Stripes at $200 million valuation raising $32 million, and an August 2023 Series B-II led by Tiger Global raising $61 million, with participation from prior investors including Monashees, Spark Capital, Propel, Globo Ventures, and Abstract. Total funding reached $120.84 million across six rounds by 2023.
Dec 2020SeedMONASHEES (lead); Guilherme Bonifacio; Montage Ventures; Hans Tung; Abstract$6M--

Who has invested in Nomad?

17 investors have backed Nomad across its funding rounds, including Abstract, MONASHEES, Spark Capital, Globo Ventures, Stripes and Propel Holdings.

Lead investors include Tiger Global, Google for Startups, Stripes, MONASHEES and Spark Capital.


Nomad Investors

Investors in Nomad by funding rounds participated
InvestorHQRoundsRoleFirst check
AbstractUnited StatesSan Francisco, CA4ParticipantDec 2020
MONASHEESBrazilSão Paulo4LeadDec 2020
Globo VenturesBrazilRio de Janeiro3ParticipantJul 2021
Spark CapitalUnited StatesSan Francisco, CA3LeadJul 2021
Propel HoldingsCanadaCharlottetown2ParticipantMay 2022
StripesUnited StatesNew York City, NY2LeadMay 2022
Norte VenturesBrazilSão Paulo1ParticipantJul 2021
Provence PartnersBrazilSão Paulo1ParticipantAug 2023
Propel AcceleratorIndiaNew Delhi1ParticipantJul 2021
Global Founders CapitalGermanyBerlin1ParticipantJul 2021
ONEVCBrazilSão Paulo1ParticipantJul 2021
Google for StartupsUnited StatesSan Francisco, CA1LeadMay 2022
Guilherme BonifacioBrazilBrazil1ParticipantDec 2020

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Acquisitions by Nomad

Nomad has acquired 2 companies to date.

Last acquisition by Nomad was on July 17th 2024. Nomad acquired Melhor Cambio for $600K.


Latest Acquisitions by Nomad

Melhor Cambio
Husky
Description
Melhor Cambio is a São Paulo-based online marketplace connecting users for peer-to-peer foreign exchange services across 50+ currencies, offering rates 2-5% better than banks through real-time quotes from licensed agents. Handling over 1 million transactions monthly, it facilitates remittances, travel money, and business transfers with instant digital wallets and API integrations. Launched in 2019, Melhor Cambio operates nationwide in Brazil with regulatory approval from the Central Bank.
Husky is a Stockholm-based payment automation platform that streamlines cross-border transactions for businesses in Europe. It enables single wire transfers to settle multiple supplier invoices, eliminating manual paperwork through features like balance checks, report downloads, payment uploads, and reconciliation tools. The service integrates with major banks and ERP systems, supporting currencies such as EUR, SEK, and USD. Husky serves e-commerce merchants, SaaS companies, and marketplaces by automating bulk payouts and compliance reporting. Launched in 2018, it processes payments via SEPA and SWIFT networks.
HQ CountryBrazilBrazil
HQ City
Belo Horizonte
Araraquara
Deal Date17 Jul 20244 Nov 2022
Valuation$600Kundisclosed
EV/Revenue
EV/EBITDA

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Investments by Nomad

Nomad has invested in 1 company to date.

Latest investment by Nomad was on September 15th 2018. Nomad invested in Pear Japan in their $600K Pre-seed round.


Latest Investments by Nomad

Pear Japan
Description
-
HQ CountryJapan
HQ City
Fukuoka
Deal Date15 Sep 2018
RoundPre-seed
Raised$600K
InvestorsiSGS Investment Works; Oita Venture Capital
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Nomad Competitors

Nomad competitors include listed companies like Green Dot and Bell Financial Group, and private ones like Slash, Ellevest, Addi and Mos.

Public and private companies comparable to Nomad
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
SlashUnited StatesSan Francisco, CAPrivate$150M-$370M2.5x
EllevestUnited StatesNew York City, NYPrivate$17M-$364M-
AddiColombiaBogotáPrivate--$350M-
MosUnited StatesSan Francisco, CAPrivate--$400M-
Green DotUnited StatesUnited StatesPublicly listed$2.1B($12M)$751M0.3x
Bell Financial GroupAustraliaAustraliaPublicly listed$213M$42M$332M0.8x

Nomad Public Comps

Nomad is still privately-owned, but its public comps include AlTi Global, Hypothekarbank Lenzburg, LendingTree, Oportun, Lesaka Technologies, Equita Group, Fundo DE Investimento, loanDepot, NewtekOne and Grupo Financiero Multiva.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
AlTi Global$255M($88M)4.0x3.6x(11.7x)26.5x
Hypothekarbank Lenzburg$171M-----
LendingTree$1.1B$89M0.6x0.6x7.7x4.8x
Oportun$406M-7.6x3.3x--
Lesaka Technologies$722M$67M0.5x0.8x5.5x4.7x
Equita Group$146M$50M2.4x2.7x7.1x-
Fundo DE Investimento$43M-8.2x---
loanDepot$897M-5.7x4.0x--

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Common questions about Nomad

When was Nomad founded?Nomad was founded in 2019.
Where is Nomad headquartered?Nomad is headquartered in São Paulo, Brazil.
Is Nomad publicly listed?No, Nomad is a private, VC-backed company.
What is Nomad's valuation?Nomad was last valued at $367M in its Series B in August 2023.
How much funding has Nomad raised?Nomad has raised $119M across 4 funding rounds.
What was Nomad's last funding round?Nomad's last funding round was a $61M Series B in August 2023, led by Tiger Global.
Who are Nomad's investors?Nomad's investors include Abstract, MONASHEES, Globo Ventures, Spark Capital, Propel Holdings, Stripes, Norte Ventures, Provence Partners, Propel Accelerator, Global Founders Capital and 7 others.
Which companies are comparable to Nomad?Companies comparable to Nomad include Slash, Ellevest, Addi, Mos, Green Dot and Bell Financial Group.
How many companies has Nomad acquired?Nomad has acquired 2 companies, including Melhor Cambio and Husky.
What was the largest acquisition by Nomad?The $600K acquisition of Melhor Cambio in July 2024 is the largest acquisition Nomad has made to date.
How many companies has Nomad invested in?Nomad has invested in 1 company, including Pear Japan.
What was Nomad's last investment?In September 2018, Nomad invested in Pear Japan's $600K pre-seed round alongside iSGS Investment Works and Oita Venture Capital.

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