Comun raises $21.5 million for immigrant-focused neobank

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The round, which follows a $4.5 million seed round in December, was led by Redpoint Ventures with participation from Animo Ventures, Costanoa Ventures, FJ Labs, RTP Global and South Park Commons.

Comun was founded in 2021 by Abiel Gutierrez and Andres Santos after both experienced financial exclusion firsthand in the United States after migrating from Mexico.

The company, which works with a partner bank, emphasizes its commitment to keeping prices for services low, with no minimum balance requirements, monthly fees, overdraft fees or membership fees.

Since its launch, the number of active customers has increased by more than 50% compared to the previous month. This year, growth was fueled by the launch of a remittance program, the launch of the largest network of cash deposit locations in the U.S. and the doubling of its 24/7 bilingual support team.

CTO Gutierrez says: “We have set an ambitious product roadmap for this year, which we look forward to implementing as it will only deepen our relationship with our customer.”

“This includes offering customers additional alternatives for funding their accounts, improving our fraud detection capabilities, ensuring every customer has a great product experience, and adding additional countries in Latin America where customers can send money.”