Migrant-focused fintech Comun lands $21.5m Series A
Comun, a US-based fintech providing banking services to Latino migrants, has secured $21.5 million in Series A funding led by Californian VC Redpoint Ventures.
Comun raises $21.5 million Series A
The round also saw investment from ANIMO Ventures, Costanoa Ventures, FJ Labs, South Park Commons, and RTP Global, supplementing the $4.5 million seed round raised by Comun in December.
Founded by CTO Abiel Gutierrez and CEO Andres Santos in 2021, Comun aims to combat financial exclusion for Latino migrants in the US with a Spanish-first platform which provides 24/7 support and accepts over 100 Latin American IDs, helping to circumvent traditional banks’ requirements for US Social Security numbers and proof of address.
The fintech’s app offers a suite of banking services, including a checking account, a Visa-powered debit card, and a new remittance feature that allows users to access their paychecks up to two days early.
Comun’s recent funding boost reflects its growing momentum; since its launch, the fintech claims its active customer base has surged by an average of 52% month-over-month, with an annualised payment volume exceeding $1 billion.
Speaking on how the firm’s latest cash injection will be utilised, Gutierrez states: “We have an aggressive product roadmap set for this year” which includes “providing customers with additional alternatives on how they fund their accounts, enhancing our fraud detection capabilities…and including more countries in Latin America where customers can send money.”
Moreover, in an interview with TechCrunch, the founders hinted that Comun is developing a new credit product.
