FinTech Noh is preparing to enter one of the hottest untapped markets in Brazil: multi-player or shared finances. Brazil is one of the world’s top nations for making joint purchases. Noh promises to automate the division of expenses, taking away the stress of chasing money owed by friends and the hassle of transferring cash for every individual bill. Noh’s goal is to become the country’s primary payment method. Noh was founded in November 2021. After registering and opening an account with Noh, each user can create as many groups as they want. Groups can be fixed for people who share recurring expenses (electricity bills, rent, or weekly football games) 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.
Noh also welcomed contributions from Positive Ventures, Twitter co-founder Biz Stone and Frederick Blackford’s Future Positive fund; The Twenty Minute VC by Harry Stebbings; and Propel Venture Partners. Noh’s app is free to download, and there is no charge for users to make transactions. As Noh functions as a payment’s solution, its revenue comes from the establishments’ interchange fees for each transaction. Open Banking will play a key role in bringing Noh’s ambitious growth plans to life. In the future, Zucato intends to add extensive banking integrations so that the amounts can be debited directly from the users’ bank accounts. As a result, the company was born with a vision that goes far beyond its debut product.