Comun secures $21.5M in Series A funding

Comun, a Latino-founded digital bank for immigrants in the U.S., raised a $21.5M Series A led by Redpoint Ventures. ANIMO Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons also participated in the round. The Series A comes 18 months after the seed round led by Costanoa Ventures.

With the funds, Comun will accelerate growth, expand remittance services, increase cash deposit locations, and enhance fraud detection.

Comun was founded in 2021 by Andres Santos and Abiel Gutierrez, two Mexicans who immigrated to the US. With a user-centric approach, Comun helps Latin communities access the U.S. financial system by offering no-fee banking, quick checking account setup with any valid ID from their home country, secure money transfers, and extensive cash deposit options at Walgreens, Dollar General, Walmart, and more.