Big Names Support Brazilian Bill-Splitting Startup – Cryptovibes.com – Daily Cryptocurrency and FX News
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Tom Blomfield and Biz Stone are reported to have joined a $3 million seed funding round for Noh, which is a Brazilian bill-splitting app that is led by one of the nation’s few female fintech founders. Kindred Ventures led the round for Noh. The company said that it wants to tap into the $864 billion shared expenses industry in Latin America.
In that context, Noh’s first product is an app that works as a shared digital wallet. It will launch later this month. Once it goes live, users can make payments by bank slip, prepaid Visa card issued by the startup firm, or Brazil’s Pix system.
After registering and opening an account, the users can develop groups that can be fixed, for the people that share repeating expenses, or temporary, for the one-off purchases like a vacation trip or even birthday lunch with family and friends.
The users then transfer money to the shared digital wallet, and set the amount that every person will pay for an expense or account; an even split between the participants, 60/40, or any other percentage of their choice. This app is free to download and use, with Noh generating revenue via interchange fees.
In that context, the firm aims to tap into open banking to add the ability to have money debited directly from the clients’ bank accounts. Noh is under the stewardship of former Intuit staffer Ana Zucato. That makes it a rarity for Latin America where less than 5% of fintechs have been launched and headed by women.
Zucato commented:
“In Brazil, sharing is a way of life. We share almost everything: our housing, our food, Netflix, the lottery ticket pool. However, when it comes to paying for these things, we still depend on one person with one card or bank account. Noh brings people together in a single payment, giving them the convenience of paying a Boleto as a trio, or making a Pix payment as a group automatically.”
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