Brazil’s Fintech Nomad Lands Series A Round Led by Funds Monashees And Spark Capital

Company offers payment and investment accounts outside Brazil – Nomad’s Series A round will help the company’s expansion

Brazil’s Fintech Nomad lands $20 million Series A round led by investment fund Monashees and Spark Capital followed by funds Propel, GFC, Abstract, Vast, ONEVC and Globo Venture. With only nine months of operation, the fintech has already raised more than BRL 140 million.

Founded in 2019 and launched last year, Nomad will use the funds to double the team, reaching 150 people by the end of the year, and to develop new products and services, including brokerage.

Currently, Nomad has more than 50,000 accounts open, mostly used for online purchases. The company is betting that the economy reopening and the resumption of international travel will boost its growth and it hopes to reach the end of the year with 120,000 accounts.

Behind Nomad are experienced and recognized names in the innovation and technology space: Lucas Vargas led Grupo ZAP for eight years, Patrick Sigrist is one of the founders of iFood, and Eduardo Haber has a long career in the financial sector.

Nomad Series A round landing will certainly increase the competition with Avenue, another Brazilian Fintech targeting Brazilian customers to invest outside of Brazil.

The Esquires

Foley & Lardner LLP acted as legal counsel to Nomad. Foley’s Palo Alto team was led by Silicon Valley partner André Thiollier and included New York associate Ashley Youn-Jae Lee and Nick Fletcher. 

The firm is a US-based full service global law firm with over 25 offices around the globe.

Bronstein, Zilberberg, Chueiri & Potenza Advogados acted as legal counsel to Monashees. The firm’s deal team was led by partner Guilherme Potenza.

The firm is a full service law firm based in São Paulo and is highly recognized as one of the top M&A Venture Capital law firms in the country.