Comun, a Latino-founded neobank, has successfully raised $21.5m in a recent Series A funding round.
The financial boost was led by Redpoint Ventures, with significant contributions from ANIMO Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons.
This funding follows closely on the heels of a $4.5m round secured in December 2023.
Established to serve immigrants in the U.S., Comun offers a range of tailored financial services. Its platform is designed to meet the unique needs of this rapidly growing demographic, providing modern banking solutions that include everything from remittance services to comprehensive deposit options.
The newly acquired funds are earmarked for a series of ambitious projects. Comun intends to refine and expand its financial offerings, aiming to establish itself as the go-to financial partner for its clients. This strategy includes enhancing existing services and launching new features designed to cater more closely to the needs of immigrants.
Additional insights into Comun’s operations reveal a significant increase in its active customer base, growing at an average rate of 52% month-over-month. Furthermore, the company has recently surpassed $1bn in annualized payment volume, a milestone that underscores its rapid growth and the effectiveness of its business model.
Comun CEO and co-founder Andres Santos shared his perspective on the company’s trajectory and future plans. “We are incredibly humbled and proud to see that what we have done and continue to do is resonating with our customers,” he said. “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.”
Previous rounds of investment have laid a solid foundation for Comun’s current success. The company had announced a $4.5m funding round in December 2023, which was instrumental in scaling operations and enhancing service offerings at a critical stage of its development.
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