Comun, a neobank established by Latino founders specifically for immigrants in the United States, has successfully secured $21.5 million in a Series A funding round.
This funding follows an earlier seed round of $4.5 million completed in December, with Redpoint Ventures leading the latest round. Notable contributions also came from Animo Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons.
Founded in 2021 by Abiel Gutierrez and Andres Santos, Comun emerged from their personal experiences with financial exclusion after relocating from Mexico. The neobank collaborates with a partner bank to ensure that its services are affordable, eliminating minimum balance requirements, monthly fees, overdraft charges, and membership costs.
Since its inception, Comun has witnessed a remarkable growth in its active customer base, increasing by over 50% each month. Recent expansions this year, including the launch of a remittance program, the establishment of one of the largest networks of cash deposit locations in the US, and the doubling of its bilingual 24/7 support team, have significantly fueled this growth.
CTO Gutierrez stated: “We’re eager to implement an ambitious product roadmap this year, which will strengthen our connection with our customers.” He added, “Our plans include offering more options for funding accounts, enhancing our fraud detection systems, ensuring an excellent product experience for every user, and expanding the range of Latin American countries for money transfers.”