Latino challenger bank Fondeadora has collected $14m in a Series A round led by Gradient Ventures.
Y Combinator, Sound Ventures, Fintech Collective and Inga also contributed to the Mexican digital bank’s raise.
Having only launched in 2018, the startup already manages 150,000 accounts, according to TechCrunch.
The founders launched a crowdfunding campaign called Fondeadora about a decade ago that failed.
Using the insights taught by the experience, the founders went back to the drawing board and got back to work.
The result is the new neobank with the new name.
Investment in Latin America has skyrocketed in recent years. In 2016, the FinTech industry raised $350.4m in total. That number jumped to $2.75bn in 2019. The record amount of funding was mainly driven by ten deals over $100m, including a mammoth $400m Series F round raised by Nubank, a Brazilian challenger bank.
As a side-note, the round saw Nubank join the coveted decacorn club consisting of companies with a valuation over $10bn, which made it one of the most valuable neobanks in the world. You can read more about our research about the topic and other challenger banks here.
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