LatamList – Fondeadora, a Mexican challenger bank, raised a $14M Series A funding round led by Gradient Ventures, Google’s AI-focused venture capital fund. Other investors include YCombinator, Sound Ventures, Fintech Collective, IGNIA Partners, and Scott Belsky.
Fondeadora is working to digitize traditional banking in Mexico where many people still rely on cash for daily transactions. With Fondeadora, customers can open a bank account and manage their finances directly from their phones.
The Fondeadora accounts are completely free of charge, and customers also receive a Mastercard debit card. Fondeadora recently introduced interest rates for savings accounts as a way to democratize saving accounts. In Mexico, this is as much as 5% or 6%.
Earlier this year, Fondeadora raised $2.5M from IGNIA Partners, LW Investment Management, and other private angel investors. The fintech now manages around 150,000 accounts, and is adding $20M in deposits every month.
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