Comun, a Latino-founded neobank serving immigrants in the US, has successfully raised $21.5 million in a Series A funding round. This follows a $4.5 million seed round in December and was led by Redpoint Ventures, with contributions from Animo Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons.
Founded in 2021 by Abiel Gutierrez and Andres Santos, Comun was born out of their personal experiences with financial exclusion in the US after migrating from Mexico. The fintech company collaborates with a partner bank to offer low-cost services, eliminating minimum balance requirements, monthly fees, overdraft charges, and membership fees.
Since its launch, Comun’s active customer base has grown by over 50% month-over-month. This year’s growth has been fueled by the introduction of a remittance program, the establishment of the largest network of cash deposit locations in the US, and the expansion of its bilingual 24/7 support team.
CTO Gutierrez stated, “We have an aggressive product roadmap set for this year that we’re excited to kick off as it will only deepen our relationship with our customers. This includes providing customers with more options for funding their accounts, enhancing our fraud detection capabilities, ensuring a great product experience, and expanding the list of Latin American countries where customers can send money.”