Comun

What Comun does

Comun is a New York-based, Latino-founded neobank founded in 2021 that provides a Spanish-first mobile banking platform for Latino immigrants in the United States. The product is delivered exclusively through iOS and Android apps and is positioned around three pillars: a fee-free U.S. checking account with a Visa debit card opened using a passport or government-issued ID (no Social Security Number required); domestic P2P payments via the proprietary "Envia" rails using only a phone number; and international remittances to 17+ Latin American countries through a partnership with Service UniTeller, Inc., with transfers priced from $2.99. Banking infrastructure is provided via a banking-as-a-service arrangement with Community Federal Savings Bank (FDIC pass-through insurance up to $250,000), meaning Comun itself is a financial technology company, not a chartered bank.

The platform's core technology stack combines ID-based (passport/ITIN) identity verification, Visa debit card issuance, and remittance processing with full Spanish-language UX and WhatsApp-based customer support. Additional features include early direct deposit (up to 2 days early), ITIN application assistance, and cash access via ATMs. The company does not yet offer credit, savings, or investment products. Revenue is generated entirely through transaction-level monetization: remittance fees (starting $2.99), debit card interchange, and foreign-currency conversion margins on international transfers — there are no account opening fees, monthly maintenance fees, or minimum balance requirements.

Comun's go-to-market is product-led growth through app stores, amplified by community word-of-mouth within immigrant networks, Spanish-language media coverage (Yahoo Finance, American Banker, Bloomberg Linea, El Tiempo Latino, Fintech Magazine), and referral programs. The company has raised $26 million across a $4.5M seed (February 2023, led by Costanoa Ventures) and a $21.5M Series A (August 2024, led by Redpoint Ventures), with participation from FJ Labs, South Park Commons, ANIMO Ventures, and RTP Global. Reported scale metrics include $1B+ annualized payment volume, 52% month-over-month growth in active customers, and 1M+ Google Play downloads. Leadership consists of CEO Andrés Santos and CTO Abiel Gutiérrez, with an 11–50 person team based in New York.

Name

Comun

Legal name

Comun Inc.

Website

https://en.comun.app

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Comun is a New York-based, Spanish-first mobile neobank founded in 2021 that serves Latino immigrants in the U.S. with a no-SSN checking account, Visa debit card, P2P payments via "Envia," and remittances to 17+ Latin American countries through partner Service UniTeller.

Ownership category

akta.pro rank

Product category

Digital Banking / Neobanking

NAICS

Depository Credit Intermediation (5221)

SIC

Functions Related To Depository Banking, Nec (6099), Finance Services (6199)

akta.pro primary industry

Neobank Core Platform (Retail/SME Digital Bank) (FSAGAAAA)

akta.pro secondary industries

Digital Banking & Neobank Platforms (BPAMAFAD), Cross-border/Remittance Neobanks (FSABAFAH), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE)

Keywords

• Mobile banking platform
• Remittance services
• Digital checking account
• Debit card issuance
• Immigrant financial services

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Remittance Transaction Fees: Fees charged for sending money to Latin American countries. Remittance fees start at $2.99 per transaction but may vary by destination and amount.
2. Debit Card Interchange: Revenue from Visa debit card transactions, including interchange fees from merchants when customers use their cards at point-of-sale or online.
3. Foreign Currency Conversion: Revenue from currency conversion margins when customers send money internationally.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Comun is a mobile-first digital neobank that provides a U.S. checking account and Visa debit card accessible entirely through a Spanish-language iOS/Android app, with account opening via passport or government-issued ID (no Social Security Number required). Its core offering bundles everyday banking with the Envia P2P transfer feature, international remittances to 17+ Latin American countries via Service UniTeller (fees from $2.99), early direct deposit up to 2 days in advance, and ITIN assistance for immigrants.

Product overview

Comun is a digital neobank serving Latin American immigrants in the United States, offering a unified mobile banking platform. The core offering consists of a checking account paired with a Visa debit card, supplemented by domestic P2P payments (Envia), international remittance services to Latin America, direct deposit with early access features, and ITIN assistance. All services are fully bilingual (English/Spanish) and accessible entirely through the mobile app without requiring a Social Security number.

Differentiator

Problem solved

Functional benefit

Products and services

• Comun Checking Account A U.S. checking account offered through the Comun mobile app with no opening fees, no minimum balance, and no monthly maintenance fees; accounts can be opened using a passport or government-issued ID without requiring a Social Security Number. Deposits are FDIC-insured through partner bank Community Federal Savings Bank.
• Comun Visa Debit Card A Visa-branded debit card linked to the Comun checking account, usable at more than 61 million merchants worldwide, with no fees and no minimums, secured via PIN/Face ID and managed directly in the mobile app.
• Envia — Send & Receive Money (P2P) An in-app P2P payment service that lets users send and receive money to and from other Comun users using just a phone number, with the first transfer free. Marketed by Comun as an alternative to Zelle for transferring money between friends and family.
• Remittances — Send Money to LATAM An international money transfer service enabling users to send money from the U.S. to over 17 countries in Latin America in minutes, with fees starting at $2.99 per transaction. Remittance delivery is powered through a partnership with Service UniTeller, Inc.
• ITIN Assistance Services A service that assists immigrants in obtaining an Individual Taxpayer Identification Number (ITIN) as an alternative to a Social Security Number for banking purposes, supporting onboarding into the Comun account for users who lack an SSN.

Quantifiable outcome

• 0% fees vs 20% fees at competitors
• +4 more outcomes

Named customers10 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Community Federal Savings BankcoreStrategic or Co-development PartnerFDIC-insured partner bank that holds Comun customer deposits (up to $250,000 per depositor). Issues the Comun Visa Debit Card and provides banking infrastructure. Comun is a financial technology company, not a bank itself.
• Service UniTeller, Inc.coreTechnology or IntegrationLicensed remittance service provider that enables Comun customers to send money to over 17 countries in Latin America. Remittance fees start at $2.99 per transaction.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Majority: Mobile-first neobank purpose-built for immigrants and the Latino diaspora in the U.S., offering multi-currency accounts and remittances. Directly comparable on target customer, Spanish-first product strategy, and no-SSN onboarding.
• Stilt: Financial services platform for immigrants and non-U.S. citizens, providing banking, lending, and remittance solutions. Comparable on serving the same underbanked immigrant segment with non-traditional identity verification.
• Remitly: Digital remittance and financial services provider focused on immigrants sending money home, with growing banking and card products. Highly comparable on remittance corridor breadth and immigrant customer base.
• LemFi: Digital banking and remittance platform for immigrants and diaspora communities, offering multi-currency accounts and international transfers. Comparable on cross-border financial services for immigrants.

Broad incumbents

• Wise: Global multi-currency account and cross-border payments platform. Comparable on cross-border FX/multi-currency capability and competitive pricing pressure on remittance fees.
• Revolut: Global neobank offering multi-currency accounts, cards, and international transfers. Comparable on multi-currency product, card-issuing model, and cross-border remittance offering.
• Chime: Largest U.S. consumer neobank with fee-free checking and early direct deposit, increasingly investing in Spanish-language support. Comparable on fee-free U.S. checking and BaaS-enabled debit card model.
• Western Union: Largest traditional cross-border money transfer operator, expanding into digital and mobile wallets. Comparable on remittance corridor coverage and immigrant customer base.
• Varo Bank: Chartered U.S. consumer neobank offering fee-free checking and early direct deposit. Comparable on fee-free digital banking product and target underserved U.S. consumers.

Regional players

• Nubank: Largest LATAM neobank operating across Brazil, Mexico, and Colombia with multi-currency and card products. Comparable on serving the same diaspora customer base with neobank economics, but on the destination side of the remittance corridor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/comunbanking
• Facebookfacebook.com/comunbanking
• LinkedInlinkedin.com/company/comun-banking

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds3 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Comun