Financial Inclusion | February 16, 2023

Spanish-language digital bank Comun secures $4.5 million from investors.

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, February 16 – Nearly 10% of the Hispanic population in the U.S. is unbanked and 40% don’t have a credit card or have never taken a bank loan. Among lower-income families, more than a quarter are unbanked. Among the obstacles: lack of a Social Security number and language barriers.

New York-based Comun launched a digital banking service with Spanish as the primary language. Customers don’t need a Social Security number to sign up.

“Banking is a gateway to accessing many services that are vital to a person’s livelihood,” said Comun’s Andres Santos, a Mexican immigrant to the U.S. “We built Comun to make it easier to thrive as an immigrant family in the U.S.”

Costanoa Ventures, South Park Commons and FJ Labs backed the company’s $4.5 million seed round.