Latin American fintech Nomad, which enables Brazilians to establish bank accounts in the United States, has raised $32 million in Series B financing.

Nomad bags $32m Series B

The round was led by Stripes, with participation from monashees, Spark Capital, Propel, Globo Ventures and Abstract, Forbes reports.

Nomad allows Brazilians to open a US bank account “in minutes” and fund the account from their domestic bank within days.

Nomad offers its customers foreign exchange at a “transparent” rate, investment products, direct deposit facilities to get paid by any US employer and the ability to save “in a currency more stable than their own”.

“It became clear that Nomad’s suite of products was serving an acute need among a large population of Brazilians, as well as providing a greenfield opportunity to many more,” says Stripes.

“We believe that now is the time for Nomad to build a platform of USD-denominated products and services that are otherwise uneasily accessed by the majority of the market.”

Founded in 2019, Nomad claims it has 300,000 customers and that it aims to acquire 1 million new customers by the end of this year, Forbes reports.

The fintech firm says that the new influx of cash will be used to invest in new technology, launch new products and expand its operating team.

Nomad previously raised a $20 million Series A round in July 2021.