Comun, a Latino-founded neobank for immigrants in the US, has raised $21.5 million in a Series A funding round.
The round, which follows a $4.5 million seed in December, was led by Redpoint Ventures with participation from Animo Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons.
Comun was founded in 2021 by Abiel Gutierrez and Andres Santos after they both experienced first-hand financial exclusion in the US after migrating from Mexico.
The company, which works with a partner bank, stresses its effort to keep the price of services low, with no minimum balance requirements, monthly fees, overdraft charges, or membership fees.
Since launch, it has seen its active customer based increase by more than 50% month-over-month. This year, growth has been spurred by the introduction of a remittance programme, the launch of the largest network of cash deposit locations in the US, and the doubling of its bilingual 24/7 support team.
Says CTO Gutierrez: “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 customer.
“That includes providing customers with additional alternatives on how they fund their accounts, enhancing our fraud detection capabilities, making sure every customer has a great product experience, and including more countries in Latin America where customers can send money."