- Funding Round: Comun, a US-based fintech serving Latino migrants, has secured $21.5 million in Series A funding led by Redpoint Ventures, with additional investments from ANIMO Ventures, Costanoa Ventures, FJ Labs, South Park Commons, and RTP Global.
- Previous Funding: Raised $4.5 million in seed funding in December.
- Founders: CTO Abiel Gutierrez and CEO Andres Santos, established in 2021.
- Platform Features:
- Spanish-First: Provides a Spanish-language platform with 24/7 support.
- ID Acceptance: Accepts over 100 Latin American IDs, bypassing traditional US banking requirements such as Social Security numbers and proof of address.
- Services: Includes checking accounts, a Visa-powered debit card, and a remittance feature allowing paycheck access up to two days early.
- Growth Metrics:
- Customer Base: Active customer base growing by 52% month-over-month.
- Payment Volume: Annualized payment volume exceeding $1 billion.
- Plans for Utilization:
- Product Development: Plans to enhance account funding options, improve fraud detection, and expand remittance capabilities to more Latin American countries.
- New Product: Developing a new credit product.
- Recent Developments: Comun’s funding reflects its growing momentum and increasing impact in the financial services space for Latino migrants.
Migrant-focused fintech Comun lands $21.5m Series A
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