Comun Secures $21.5M in Series A Funding

Comun, a digital bank focused on serving immigrants in the U.S., has raised $21.5 million in a Series A funding round, just months after securing $4.5 million in its previous raise. This rapid follow-up highlights the startup’s significant traction in the crowded immigrant-focused banking space.

Founded by Andres Santos and Abiel Gutierrez, Comun has grown its monthly revenue 50x in the first half of 2024 and is set to process over $1 billion in annual payment volume. The company, which offers services like instant payments and cash withdrawals without traditional banking hurdles, has expanded its user base and revenue per user significantly.

The latest funding round was led by Redpoint Ventures, with participation from ANIMO Ventures, Costanoa Ventures, FJ Labs, RTP Global, and South Park Commons.

The funds will be used to expand locations and develop new products, including a forthcoming credit product.