Comun Raises $4.5M to Promote Financial Inclusion with Latino-First Approach to Banking

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 US.

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 percent 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).