When Brazilians travel abroad they are basically unbanked. Nomad wants to be their bank while they’re away.
Brazilians use cash or they use Brazilian credit cards that are 4x the cost of a US credit card when they travel. Nomad wanted to make traveling less expensive for the mass affluent of Brazil so they started a neobank that made it possible for their customers to bank in US dollars while they traveled abroad.
Nomad is an alternative to local Brazilian banks. Synapse’s* technology powers innovative international financial services that can be personalized to meet the needs of each customer.
- Nomad customized their financial products to introduce a checking account and a spend card for their members expanding into new products like investments when customer demand rises.
- Nomad built the customized services they needed from an all-in-one infrastructure layer.
- In collaboration with Synapse Nomad was able to design a new neobanking product exclusively for Brazilians that distinguish their brand in the market.
“Synapse understood our mission right away and together we catered their wide breadth of financial services to meet the unique financial needs of our customers.”
-Lucas Vargas, CEO
Synapse is part of the Nomad customer journey from the moment they hear the value proposition to have a better travel experience by avoiding the high fees and taxes associated with their local banks and credit cards. With Synapse, Nomad customers can send money to their US deposit account via international wire from their Brazilian bank account and have access to their funds in as little as 2 business days.
To learn more, read the full case study here.