New York City- February 14, 2023 - Comun, a Latino-founded neobank that provides modern banking solutions for Latino families, announced today it closed a $4.5M seed round led by Costanoa Ventures with participation from South Park Commons and FJ Labs. The company plans to use the funds to build a financial hub with expanded solutions and resources for Latino immigrants in the U.S.
Despite 44 million Latinos with Spanish as a primary language in the U.S., no incumbent bank offers a full Spanish language banking experience. Latinos are three times more likely to be unbanked and two times more likely to fall into predatory loans. Currently, 41% of Latinos have no credit score, limiting their financial growth and mobility. All this, despite Latinos in the U.S. having a GDP of $2.8 trillion, the economic equivalent to the fifth largest economy in the world (Center for Economic Research & Forecasting 2022 U.S. Report).
“We built Comun to make it easier to thrive as an immigrant family in the U.S.,” said Andres Santos, Co-Founder & CEO of Comun. “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.”
Unlike traditional banks, Comun offers every aspect of the banking experience available in a Spanish-first experience, removing 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. A checking account is a vital component of participating in the financial system and building financial stability.
“There is a huge opportunity for financial products that better fit the needs of multi-generational, Latino families in the U.S.,” said Mark Selcow, Partner at Costanoa Ventures. “People want their bank to understand them, and Comun is building the best, most customer-oriented digital bank for a large and growing first and second generation Latinos."
Founded in 2021 by Abiel Gutierrez and Andres Santos who both faced financial exclusion when they migrated to the U.S., Comun customers already move over $100,000 a week on average, with 20% week-over-week growth since debuting in September 2022. It offers customers a Spanish-first user experience, 24/7 customer support and the ability to sign up with a foreign passport. In addition to user-friendly tools and resources available through the Comun mobile app, customers also have access to educational content to help better manage their finances for long-term financial growth.
For more information about Comun, please visit comun.app or download the app in the App Store and Google Play.
Comun is on a mission to enable upward mobility for Latinos living in the US. We're starting by changing the face of banking, designing for the unique needs of the millions of Latino families that are struggling to turn their hard work into financial stability within the traditional banking industry. We believe everyone deserves a better shot at reaching financial freedom. This begins with banking they can trust. Learn more at en.comun.app/nosotros.
About Costanoa Ventures
Founded in 2012, Costanoa Ventures partners with technical and product founders as early as company formation, with a focus on apps and infrastructure in data, dev, and fintech. Costanoa is a long-term partner to entrepreneurs who want hands-on help in their earliest company stages on all things go-to-market and talent. For more information, please visit www.costanoavc.com.