Comun, a New York-based neobank, has successfully raised $21.5m in its Series A funding round.
This investment was led by Redpoint Ventures with contributions from ANIMO Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons.
Notably, this follows a $4.5m funding round completed in December 2023, underscoring Comun’s rapid growth trajectory.
Founded in 2021 by Abiel Gutierrez and Andres Santos, Comun is dedicated to serving immigrants in the US, providing them with tailored banking solutions that address their unique financial needs.
The neobank’s services have proven effective, as evidenced by its impressive 52% month-over-month increase in active customers. Today, Comun boasts an annualized payment volume surpassing $1bn, and revenue per user that has quadrupled since the beginning of the year.
The company plans to utilize the fresh capital to further develop its financial offerings and enhance its operational capabilities.
Specifically, Comun aims to expand its remittance services, increase the number of cash deposit locations, and continue building out its bilingual support team. These enhancements are part of a broader strategy to position Comun as a comprehensive financial partner for its customers.
Andres Santos, CEO and co-founder of Comun, said, “We are incredibly humbled and proud to see that what we have done and continue to do is resonating with our customers.
“We also recognize we have a long road ahead of us. Today, the Hispanic population in the U.S. is more than 63 million and is expected to reach 111 million by 2060. So, while we have seen great success with our services, there is still much work to do to reach our vision where everyone has affordable and easy access to financial products. With this new investment, we’ll be able to accelerate our growth efforts to meet our customers’ needs today and in the future.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
