Digital Banking

Neobank Comun raises $4.5M in funding round

February 28, 2023

Comun, a neobank, has raised $4.5 million in a funding round led by Costanoa Ventures. It plans to use the funds to build a financial hub to meet the needs of Latino immigrants in the U.S., according to a press release.

Comun aims to meet the needs of Latinos, who are three times more likely to be unbanked and two times more likely to fall into predatory loans in the U.S. In addition, 41% of Latinos do not have a credit score.

Comun provides a Spanish-first experience with a checking account, physical and virtual Visa debit card, direct deposits and free ATM withdrawals and deposits.

"We built Comun to make it easier to thrive as an immigrant family in the U.S.," Andres Santos, co-founder and CEO of Comun, said in the release. "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."