Big names back Brazilian bill-splitting startup
Biz Stone and Tom Blomfield have joined a $3 million seed funding round for Noh, a Brazilian bill-splitting app led by one of the country's few female fintech founders.
Kindred Ventures led the round for Noh, which is looking to tap into the $864 billion shared expenses sector in Latin America.
Noh's first product, an app that functions as a shared digital wallet, will launch in mid-March. Users will be able to make payments by bank slip, Brazil's Pix system, or a prepaid Visa card issued by the startup.
After registering and opening an account, users can create groups that can be fixed, for people who share recurring expenses, or temporary, for one-off purchases like a vacation trip or birthday lunch with friends.
Users then transfer funds to the shared digital wallet, and set how much each person will pay for an expense or account - an even split between participants, 60/40, or any other percentage of their choice. The app is free to download and use, with Noh making its money through interchange fees.
The company plans to tap open banking to add the ability to have funds debited directly from the users' bank accounts.
Noh is led by former Intuit staffer Ana Zucato, a rarity for Latin America, where less than five per cent of fintechs have been founded by women.
Says Zucato: "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."
Noh's first product, an app that functions as a shared digital wallet, will launch in mid-March. Users will be able to make payments by bank slip, Brazil's Pix system, or a prepaid Visa card issued by the startup.
After registering and opening an account, users can create groups that can be fixed, for people who share recurring expenses, or temporary, for one-off purchases like a vacation trip or birthday lunch with friends.
Users then transfer funds to the shared digital wallet, and set how much each person will pay for an expense or account - an even split between participants, 60/40, or any other percentage of their choice. The app is free to download and use, with Noh making its money through interchange fees.
The company plans to tap open banking to add the ability to have funds debited directly from the users' bank accounts.
Noh is led by former Intuit staffer Ana Zucato, a rarity for Latin America, where less than five per cent of fintechs have been founded by women.
Says Zucato: "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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