Comun, a neobank that provides modern banking solutions for members of the Latino community, has closed a $4.5m seed round.
The round was headed by Costanoa Ventures with participation from fellow investors FJ Labs and South Park Commons.
Comun said that it offers every aspect of the banking experience available in a Spanish-first experience, removing what it claims is one of the biggest hurdles for the Latino community in getting the financial services they need.
Comun provides Latino immigrants access to traditional financial services, including a checking account connected to a physical and virtual Visa debit card, direct deposits for payroll, and free ATM withdrawals and deposits but without requiring a social security number or any additional or hidden fees.
The firm plans to use the new capital to build a financial hub with expanded solutions and resources for Latino immigrants in the US.
Comun CEO and co-founder Andres Santos said, “We built Comun to make it easier to thrive as an immigrant family in the U.S. Banking is a gateway to accessing many services that are vital to a person’s livelihood. My co-founder and I both experienced how challenging it can be to navigate the banking system as immigrants.
“Our goal is to empower families to be successful in both their finances and the U.S. with a financial partner that they can trust and understand.”
Proycon, a privilege access management platform built for multi-cloud environments, has landed $6.5m in an equity financing round.
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