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Gradient Ventures Leads US$14m Series A in Mexican Challenger Bank Fondeadora

27 August 2020

Gradient Ventures led a US$14m Series A in Fondeadora, a Mexican open banking platform co-founded by Norman Muller and Rene Serrano in 2011, with participation from Fintech Collective, Sound Ventures, and Y Combinator, and follow-on from IGNIA Partners. IGNIA Partners, LW Investment Management, and angels made a US$2.5m investment in Fondeadora in 2019. 

(TechCrunch) Meet Fondeadora, a fintech startup based in Mexico City that wants to build a full-stack neobank. The company just raised a $14 million Series A round led by Gradient Ventures, Google’s AI-focused venture fund. Founded in 2018, the company already manages 150,000 accounts and is adding $20 million in deposits every month.

Mexico represents a massive opportunity for a challenger bank as many people still rely on cash for most of their transactions. Given that all countries are progressively switching to card and digital payments, it seems like the right time to launch Fondeadora.

Read more at TechCrunch.