Comun raises $4.5 million to grow to be the neobank for the Latino group within the U.S.

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Comun just lately introduced the closing of a $4.5-million seed spherical.

The corporate is a neobank centered on providing monetary inclusion banking options.

In response to the corporate, the assets from this funding shall be used to broaden the attain of economic providers for Latino immigrant households in the US.

The spherical was led by Silicon Valley fund Costanoa Ventures and included South Park Commons and FJ Labs participation.

Within the U.S., Latino immigrants are among the many communities with probably the most troublesome entry to credit score as a result of many of those people usually don’t even have credit score scores – severely limiting their monetary progress and social mobility.

Associated:

Fostering monetary inclusion

It’s on this context that Comun seeks to make a distinction.

“We constructed Comun to make it simpler to thrive as an immigrant household in the US,” says Andres Santos, co-founder, and CEO of Comun, in a press release.

“Banking is a gateway to entry many important providers to an individual’s livelihood. My co-founder and I skilled how troublesome it may be to navigate the banking system as immigrants. Our objective is to empower households to succeed financially, and in the US with a monetary associate they’ll belief and perceive.”

Andres Santos, Co-founder and CEO of Comun.
Andres Santos, Co-founder and CEO of Comun.

Comun eliminates the language barrier and offers Latino immigrants entry to conventional monetary providers in Spanish, together with a checking account linked to a bodily and digital Visa debit card, direct deposits for payroll, and free ATM withdrawals and deposits, however with out requiring a Social Safety quantity or further or hidden charges.

An entire, trendy digital financial institution Latinos

“There’s a large alternative for monetary merchandise that higher match the wants of multigenerational Latino households within the U.S.,” Mark Selcow, a associate at Costanoa Ventures, says in a press release.

“Individuals need their financial institution to know them, and Comun is constructing the most effective, most customer-focused digital financial institution for a big and rising first and second technology of Latinos,” he acknowledged.

Based in 2021 by Abiel Gutierrez and Andres Santos, who confronted monetary exclusion once they immigrated to the US, Comun’s prospects already transfer greater than $100K per week on common, with progress – in accordance with information launched by the fintech – of 20% week over week since its debut in September 2022.

  • Jorge C. Carrasco

    Jorge C. Carrasco is a Cuban journalist and author based mostly in Brazil. He has contributed to a number of publications, corresponding to Overseas Coverage, The Spectator Australia, Estadão, Época, Washington Examiner, and Quillette, amongst others.

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