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We're incredibly excited to announce that we have invested in the $14m Series A financing round in Fondeadora. 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.
“We launched the first crowdfunding platform in Mexico about 10 years ago,” co-founder and co-CEO Norman Müller told me. “About 50% of card transactions failed in the system.” That platform was also called Fondeadora. After a deal with Kickstarter, Müller and Fondeadora co-founder René Serrano went back to the drawing board and thought about the problems they had while operating the crowdfunding platform. It became Fondeadora as we know it today, a challenger bank that wants to improve the banking experience in Mexico.
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