Foley & Lardner LLP acted as legal counsel to Nomad, the fintech that allows Brazilians to open a bank account in the United States digitally, in raising a $20 million Series A round. The funding was led by venture capital firms Monashees and Spark Capital, followed by funds Propel, GFC, Abstract, Vast, ONEVC and Globo Ventures. In nine months of operation, Nomad has already raised more than BRL 140 million ($27.7 million).
Nomad enables Brazilians to open U.S. bank accounts and gives its users access to other banking solutions such as international purchases, transfers, bill payments, remittances, and investments in global markets.
The founders say that Series A will be invested in developing new products for the platform and doubling the team's size from 75 to 150 employees until the end of the year.
The Foley team was led by partner André Thiollier and included associate Ashley Lee and paralegal Nick Fletcher.