Ubanku raises $1M to launch a neobank for young people in Latin America

Andrés Méndez, CEO of Ubanku

The Colombian startup Ubanku closed a $1M pre-seed round in which Newtopia VC, Irie VC and EF Venture Capital participated. Some angel investors that participated in this round are Pablo Santos from Finaktiva, Camilo Clavijo from Hubspot, and senior executives from PayU, Google, IBM, among others. 

Previously known as Enlau, Ubanku is a leader in products and services for the student economy in Colombia. Since Ubanku was founded 8 years ago, 30,000 students took courses on entrepreneurship, more than 4,000 generated income in their free time, and more than 3,000 served as volunteers for 39 NGOs. Ubanku impacted approximately 150,000 students in Colombia. 

Now, the company announced the launching of a new digital bank for young people in 2023. Its goal is to achieve greater social and financial inclusion for this segment of the population.

“Young people are bombarded with products and services that are generally not designed for them (…) [We will be] their financial guru, we are connecting the entire ecosystem of products and services that young people need in a single consumption and learning experience. We want to help them make better decisions with money, to dream, plan and navigate the complex financial ecosystem,” shared Andrés Méndez, CEO of Ubanku.

A beta version was launched in Colombia, but Ubanku is planning to take this product to other Latin American countries.

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