The Brazilian government has taken a big step in the world of cryptocurrency and blockchain by signing off on an informal bill that would have allowed for personal investors to split their assets into several pieces. The new law, which is expected to be passed before 2019, will allow for the creation of legally-binding contracts between individuals that can hold up under court battles.
Noh, a Brazilian bill-splitting app helmed by one of the country’s few female fintech entrepreneurs, is said to have raised $3 million in initial capital from Tom Blomfield and Biz Stone. Noh’s financing was led by Kindred Ventures. The business said that it wants to enter the $864 billion Latin American shared costs market.
Noh’s initial product, in this sense, is an app that functions as a shared digital wallet. It’ll be released later this month. Users may pay with a bank slip, a prepaid Visa card supplied by the business, or Brazil’s Pix system once it is operational.
After registering and creating an account, users may create groups that are either permanent (for those who share recurring spending) or temporary (for one-time purchases like a vacation or birthday meal with family and friends).
The users then deposit money to the shared digital wallet and decide how much each of them will pay for a cost or account: an equal split, 60/40, or any other ratio of their choosing. Noh earns money via interchange fees, thus this software is free to download and use.
In that sense, the corporation wants to use open banking to provide customers the option of having money deducted straight from their bank accounts. Ana Zucato, a former Intuit employee, is in charge of Noh. It’s a rare occurrence in Latin America, where women have founded and led fewer than 5% of fintech companies.
Zucato remarked:
“Sharing is a way of life in Brazil. Almost everything is shared: our accommodation, our food, Netflix, and the lottery ticket pool. When it comes to paying for these goods, though, we still rely on a single individual with a single credit card or bank account. Noh joins individuals together in a single payment, allowing them to pay a Boleto as a trio or instantly make a Pix payment as a group.”
