
Broad
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Date | Investors | Amount | Round |
---|---|---|---|
N/A | Seed | ||
Total Funding | 000k |
USD | 2021 | 2022 | 2023 |
---|---|---|---|
Revenues | 0000 | 0000 | 0000 |
% growth | - | 60 % | - |
EBITDA | 0000 | 0000 | 0000 |
Profit | 0000 | 0000 | 0000 |
EV | 0000 | 0000 | 0000 |
EV / revenue | 00.0x | 00.0x | 00.0x |
EV / EBITDA | 00.0x | 00.0x | 00.0x |
R&D budget | 0000 | 0000 | 0000 |
Source: Dealroom estimates
Related Content
Broad Fintech Ltd, operating as Broad, is a London-based financial technology company established in 2019 by Juliano Alves and Marcos Pileggi Filho. The firm is dedicated to providing financial services tailored for Brazilians engaging in the international market. Its core mission is to foster financial independence and global inclusion for its clientele.
The company's flagship product is a multi-currency account and card designed for individuals who require practical solutions for spending money abroad, whether for travel, online shopping, or relocating to another country. The account allows users to hold and exchange Pounds, Euros, and Dollars directly within the app, which is available for both Apple and Google mobile devices. Broad's revenue model appears to be centered on the spread applied to currency conversions, which is set at 2%, in addition to the standard 1.1% IOF (Imposto sobre Operações Financeiras) tax on such transactions in Brazil. This structure offers a more transparent and potentially cost-effective alternative to traditional Brazilian cards, which can result in savings of up to 10% on international transactions. There are no fees for account opening or maintenance.
Through its mobile application, Broad provides a fully digital banking experience. Users can convert currencies in real-time and manage their finances entirely through the app. The service includes a Mastercard debit card, ensuring wide acceptance in over 200 countries and territories for in-person and online purchases. The platform also facilitates bill splitting among users and allows for transfers to other Euro and Pound accounts. To ensure the security of customer funds, Broad partners with Paynetics UK Ltd, which is authorized and regulated by the Financial Conduct Authority (FCA) as an electronic money institution. This partnership employs a safeguarding process, keeping client funds in a separate account from the company's own.
Broad's potential has been recognized by prominent investors, including a key backing from Y Combinator as part of its Winter 2021 batch. The company has also secured early-stage VC funding from investors such as Goodwater Capital, raising $125K. This support underscores the confidence in Broad's approach to addressing a specific market need within the growing fintech landscape. Keywords: multi-currency account, international spending, Brazilian market, fintech, currency exchange, global payments, digital bank, Y Combinator, cross-border transactions, financial inclusion, mobile banking, Mastercard debit, euro account, dollar account, pound account, international transfers, travel finance, online shopping international, IOF tax, spend abroad