NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Shruti Khairnar

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

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.

Photo courtesy of Eduardo Soares.