The first Mexican, mobile-only bank with a full banking license
Fondeadora has built an elegant, savings-focused mobile banking app linked to an international debit card, allowing people to send, spend, and store money seamlessly.
Norman Muller Vergara
After being introduced to the Fondeadora team via our co-investor to-be, Ignia Partners, we were continually impressed with the passion and boldness of the founding team in approaching their mission to build a bank for Mexico’s emerging middle class. The foresight to pursue the complex path of securing a SOFIPO license showed awareness of Mexico’s regulatory landscape. But, beyond that, it exhibits their obsession with Mexicans’ relationship with money. To succeed in replacing cash, Fondeadora’s mission to become users’ primary account has to serve as the north star.
Supported by tailwinds of an overwhelming preference for digital and increasing smartphone penetration, Fondeadora began by offering core savings and debit products. Its high yield account is effectively the first of its kind among Mexican challenger banks. The team is now expanding its product offerings, with targeted incursions into credit, and innovative efforts to target the freelancer segment. Fondeadora is uniquely positioning itself via its P2P features, generating unmatched virality in the space via new product releases, referral strategies, and premier card offerings.
The founders, Norman and René, are experienced entrepreneurs with a strong track record of building fast-growing B2C tech companies together. After they built and exited their crowdfunding platform to Kickstarter, they turned their attention to creating a bank for the next generation of Mexicans. Due to their backgrounds as designers, they have assembled a team uniquely positioned to create product offerings that resonate with the aspirational hopes of urban Mexicans, echoing cultural trends with which this population strongly identifies.
In November 2021 Fondeadora raised their $50m+ Series B financing co-led by FinTech Collective Section 32, with participation from Gradient, Portag3, Ignia Partners, and others. FinTech Collective has been an investor since Fondeadora’s Series A financing in July 2020.
Current Status: Active