Ex-Monzo CEO Tom Blomfield backs Brazilian bill-splitting startup
Tom Blomfield has joined a $3m seed funding round for a female-led bill-splitting app in Brazil set to launch in mid-March.
A new female-led bill-splitting app is launching in Brazil in mid-March, with backing from top fintech investors, including ex-Monzo Chief Executive Officer Tom Blomfield.
Kindred Ventures led the funding round for Noh, a fintech looking to enter one of the biggest untapped markets in Brazil.
With an ethos of division as something that unites, rather than diminishes, Noh is looking to capitalise on Brazil’s cultural tendency towards joint purchases by providing an easy method for bill splitting.
The startup is seeking to ease the way Brazilians make shared payments by providing a solution to awkwardly asking a friend to send you money, or reminding your flatmates to pay their bills.
The company’s ultimate goal is to become the country’s primary payment method.
As part of the company’s growth strategy, Noh sought out entrepreneurial angels both with expertise in the local market and fintech experts.
With backing from Monzo co-founder Blomfield in its $3m seed round, the company is set to have a strong support system behind it.
In addition to Blomfield, the former product and business lead for Cash App, Ayo Omojola, and co-founder and Chief Executive Officer for Justos, Dhaval Chada, are also on board.
Founded in November 2021, Noh’s first product is an app that functions as a shared digital wallet that will launch in mid-March.
Users will be able to pay by bank slip (‘boleto’), Brazil’s Pix payment system, or a prepaid Visa card issued by Noh.
After registering an account, users can create fixed or temporary groups to reflect their needs, whether that is a recurring expense like rent, or a one-off purchase such as splitting the cheque at lunch with friends.
Users transfer funds to a shared digital wallet and can see how much each person will pay.
The app will be free to use, with Noh making its money through interchange fees.
Noh is led by former Intuit project manager, Chief Executive Officer Ana Zucato, a rarity in Latin America and Brazil specifically, where just 24 per cent of fintech startups were founded by women, as of 2018.
“In Brazil, sharing is a way of life. We share almost everything: our housing, our food, Netflix, the lottery ticket pool,” Zucato said.
“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.”