Foley Represents Brazilian Fintech Nomad in $32M Round

Foley & Lardner LLP recently represented Nomad, a Latin American Fintech firm that enables Brazilian consumers to maintain bank accounts in the United States, in its $32 million (R$160 million) financing.

The Fintech company’s investment round was led by Stripe, followed by monashees, Spark Capital, Propel, Globo Ventures, and Abstract.

Established in 2019 by Patrick Sigrist, Marcos Nader, and Eduardo Haber, Nomad has 300,000 customers and aims “to acquire 1 million new customers by the end of 2022.”

This latest source of funding will be used “to invest in new technology, launch new products, and expand the operating team.” The company previously “raised a $20 million Series A round in 2021.”

The Foley team was “led by Partner André Thiollier.”

Fintech adoption in Brazil is on the rise, especially following the COVID-19 outbreak.

As covered recently, Ebury, the Banco Santander-backed provider of corporate banking services to SMEs that trade globally, has reportedly agreed to acquire Bexs in a deal that further expands its international payments offering to Brazilian markets.

The transaction, currently subject to regulatory clearance, reportedly includes the companies Bexs Banco (foreign exchange) and Bexs Pay (payments), widening Ebury’s product offering of global funds transfer solutions for small businesses.

Bex will also assist with offering all-digital services to companies that sell their products online in Brazil, especially marketplaces, applications, and software firms.

Bex was established back in 1989 as Didier Corretora de Câmbio, becoming a foreign exchange bank in 2010.

Then in 2012, it introduced its cross-border digital commerce tech and almost 4 years ago, it became an API platform, enabling direct integration of its systems with key players in the digital world (in Brazil and other jurisdictions).

As reported earlier this month, C6 Bank clients are now able to use Samsung Pay in order to make purchases “without the physical card.”

C6 Bank customers can now “register their C6, C6 Platinum, C6 Carbon and C6 Business cards in Samsung Pay.”

Samsung’s service “allows users to make contactless payments with eligible smartphones and smartwatches in a safe, fast and convenient way, as it is not necessary to use the physical card at the time of purchase and card data is not shared with third parties.”

The update further noted that novelty remains one of the differentials of C6 Bank, which is the possibility for the customer “to choose the color of the card.”

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