Latino-founded bank raises $4.5 million to build financial hub for Spanish-speaking immigrants

Latino-founded startup Comun has raised nearly $5 million to build on its “Spanish-first” banking approach, designed to meet the needs of immigrant communities. The New York-based company this week closed a $4.5 million investment seed round, and will use the money to grow its collection of online banking services, officials said. The neobank — a type of direct bank that operates exclusively online without traditional physical branch offices — aims to expand financial stability among U.S. Latinos by offering Spanish-language services.