We are very excited to announce that we have participated in the $14 million Series A round in Mexican startup, Fondeadora. The round was led by Gradient Ventures, Google’s AI-focused VC fund. Additional investors included Y Combinator, Scott Belsky, Sound Ventures, and Ignia.
Fondeadora is building the first mobile-only bank in Mexico with a full banking license. It is doing so via an elegant, savings-focused mobile banking app, linked to an international debit card, allowing people to send, spend, and store money seamlessly.
Founded in 2018, the company already manages 150,000 accounts and is adding $20 million in deposits every month. Going forward, its ambition is to democratize savings accounts, allowing users to earn interest on their deposits in Fondeadora accounts.
FinTech Collective was introduced to Fondeadora’s CEO, Norman Muller, through Ignia – a premier venture capital fund in Mexico. We’ve been impressed by the enthusiasm that Norman and his co-founder René have brought into eliminating the discomforts and inefficiencies related to the traditional banking system in Mexico, whose basic services are currently high friction to attain and operate, involving little tech.
Fondeadora offers a premium financial service with no commissions or hidden fees, and a radically different digital experience. The company seeks to address a massive market need, as Mexico has 58m unbanked people (above age 15), with another 24m underbanked.
By prioritizing early product simplicity and functionality, and paving the way to full-stack, Fondeadora is creating the basis for a far-reaching platform. The founders – Norman and René – are experienced entrepreneurs, having built a crowdfunding platform acquired by Kickstarter.