NYC-based Comun, a Latino-founded neobank that provides modern banking solutions to immigrants1 in the U.S., has raised $21.5 million in Series A funding round led by Redpoint Ventures with participation from ANIMO Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons.
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The company, which recently announced a $4.5M round in December 2023, said its continued dedication to meeting their customers’ unique financial needs has led them to exceptional growth. With this new investment, Comun aims to become a one-stop financial partner to their customers.
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“We are incredibly humbled and proud to see that what we have done and continue to do is resonating with our customers,” said Andres Santos, CEO and co-founder of Comun. “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.”
“We have an aggressive product roadmap set for this year that we’re excited to kick off as it will only deepen our relationship with our customers,” said Abiel Gutierrez, CTO and co-founder of Comun. “That includes providing customers with additional alternatives on how they fund their accounts, enhancing our fraud detection capabilities, making sure every customer has a great product experience, and including more countries in Latin America where customers can send money. We’re ready for Comun’s next milestone in helping our customers as their immigration journey matures – whether that means starting a new business, starting a family, or being an even greater source of support for relatives abroad. We want our customers to know they can count on us.”
“Andres and Abiel’s technical caliber and outsized ambition have been readily apparent since we first met them years ago when Comun was just an idea,” said Meera Clark, Principal at Redpoint Ventures. “Their approach to building not just a point solution but instead an end-to-end platform positions Comun incredibly well to unlock access to the broad range of financial products and services that millions of immigrants are increasingly reaching for as their financial needs become more complex and their money management moves online. What the team has accomplished in less than two years is remarkable. The impact they’ve had and will continue to make is attracting incredible talent to the company, further propelling the flywheel. We’re honored to join the team in their journey to helping this population achieve financial freedom.”
About Comun
Founded in 2021 by Abiel Gutierrez and Andres Santos, Comun is on a mission to enable upward mobility for Latinos living in the US. Comun is starting by changing the face of banking, designing for the unique needs of the millions of immigrant families that are struggling to turn their hard work into financial stability within the traditional banking industry. Comun believe everyone deserves a better shot at reaching financial freedom. This begins with banking they can trust.
