Comun, a challenger bank that will focus on the Latino community, has raised $4.5 million in seed funding.
The neobank said in a press release that the funding round was led by Costanoa Ventures, with participation from South Park Commons and FJ Labs.
Comun said it plans to use the funds to build a financial hub with expanded solutions and resources for Latino immigrants.
“We built Comun to make it easier to thrive as an immigrant family in the U.S.,” Andres Santos, the challenger bank’s co-founder and CEO, said in the release.
“Banking is a gateway to accessing many services that are vital to a person’s livelihood,” Santos added. “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.”
Comun said its customers already move more than $100,000 a week on average, with 20% week-over-week growth since debuting in September.