NEW YORK, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Comun, a Latino-founded neobank that provides modern banking solutions to immigrants1 in the U.S., announced today it has raised $21.5M in its Series A funding round led by Redpoint Ventures with participation from ANIMO Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons. 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.
Since its launch, Comun's active customer base has increased by an average of 52% month-over-month. Today, revenue per user is almost four times higher than at the start of the year. In addition, the company has surpassed $1B in annualized payment volume. The company credits its success to various factors, such as the launch of its remittance program in March, launching the largest network of cash deposit locations in the U.S., more than doubling its bilingual 24/7 support team since December 2023, its targeted marketing efforts, and the pivotal decision to build their partner bank2 integration in-house. This move has enabled Comun to build more personalized products, reduce costs, and pass savings to their customers.
"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 ...
