Topics
late
AI
Amazon
Image Credits:Comun
Apps
Biotech & Health
Climate
Image Credits:Comun
Cloud Computing
mercantilism
Crypto
Abiel Gutierrez and Andres Santos, co-founders of Comun.Image Credits:Comun
Enterprise
EVs
Fintech
Fundraising
Gadgets
Gaming
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
Social
Space
startup
TikTok
shipping
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
video recording
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
recognition requirement , mellow fee and a language gap have long been barriers to forestall some Latino immigrants from spread a banking business relationship in the United States . Comunwants to exchange that .
The New York - based neobank is the former to put up banking serve customized to the need of immigrants . While most traditional banks require customers to have a U.S. Social Security notice or proof of savoir-faire , for instance a mortgage or public-service corporation Federal Reserve note , Comun enables its customers to lend oneself for an account using 100 different identification type from Latin America , include foreign area passports .
Andres Santos and Abiel Gutierrez started Comun in other 2022 to offer digital banking services , include instant payments , curb depository and former paychecks . They also wanted to provide client with access to native Spanish - verbalise rep seven days a week .
“ Our mission is to bring back local banking to immigrants in the U.S. , ” Santos told TechCrunch . “ We think that is a mannikin that has been dying at alarming rates over the last 30 twelvemonth . You ’ve basically seen ‘ too braggy to break banks ’ taking most of the share and pass from 20,000 depository financial institution to less than 5,000 bank . ”
Santos also explained that during that clip , some banks have thought about immigrants . However , that radical typically does n’t fit the model of a likely customer to go after , so they get left behind .
Comun wants to “ reimagine what local banking looks like in the digital bowl , and that entail biotic community and the unique needs of our biotic community to better process them with winning product , ” he added .
The fellowship make money from interest on depositary and also public convenience fees for facilitate crying transactions , similar to peer - to - equal transactions . It also launch a direct banking integration in the retiring calendar month that Santos said is grow tight and “ already driving around 25 % of our gross and loudness . ” Comun will also garner fee from dealings once it open up a remittance political platform it is aviate that enables immigrant to institutionalize money from the U.S. to Latin America .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
Meet Tanda , your friendly neighbourhood delivery , lending connection
Comun is n’t alone in targeting immigrants . It joins companies likeTanda , Bloom Money , Majority , Welcome TechandPillarin solving the coin bank availableness trouble .
It also joins them in attracting venture capital for its approach . Today , Comun announced another $ 4.5 million in funding to give it $ 9 million lift in totality . The later investment was led by Costanoa Ventures with involvement from a radical of be investors , including Animo Ventures , South Park Commons and FJ Labs .
In improver to offering the various designation methods for open write up , the fellowship differentiates itself from its competitors through its partnership with Community Federal Savings Bank . By feature a unmediated relationship with the bank , Comun is able to append unexampled services apace and in compliance , Santos say .
Comun is also grow a expectant connection of partners to abide cash deposit and withdrawals with more than 90,000 physical locations .
The concept has hitch on . Not only has the company achieved a net showman score ( NPS ) of 86 , which is over four time the industry average in terms of customer satisfaction , but Comun is receive 60 % month over month taxation growth . It has processed over $ 75 million through its chopine .
Santos and Gutierrez plan to practice the newfangled funds to lease additional employees to scale Comun ’s banking services and launch new product , include policy and eventually going into mention and underwriting .
All that fintech investment had a real wallop on banking incursion in Latin America
