Comun, a NYC-based a Latino-founded neobank that provides modern banking solutions to immigrants in the U.S., raised $21.5M in Series A funding.
The round was led by Redpoint Ventures with participation from Animo Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons.
The company intends to use the funds to expand its products and features and hire team members across analytics, compliance, customer support, engineering, growth, and product.
Founded in 2021 by Abiel Gutierrez and Andres Santos, Common provides Latinos in the U.S. to open a checking account in minutes with any valid ID from their home country. They can deposit cash at 88,000 locations in the United States, including Walgreens, Dollar General, Walmart, and more, send money home securely and quickly with instant notifications, receive their paycheck up to 2 days in advance.
Since its launch, Comun’s active customer base has increased by an average of 52% month-over-month. Today, revenue per user is almost four times higher than at the start of the year. In addition, the company has surpassed $1B in annualized payment volume.
Comun is a financial technology company and not a bank. Banking services are provided by Community Federal Savings Bank; Member FDIC.
FinSMEs
28/08/2024