- Fondeadora, a fintech startup based in Mexico City.
- Fondeadora raises $14 Million as it has already raised $14 Million.
- Investors include Combinator, Scott Belsky, Sound Ventures, Fintech Collective, and Ignia.
- Fondeadora doesn’t charge any monthly subscription fee and no foreign transaction fee.
Fondeadora was established in 2011. It is among Mexico’s first and leading crowdfunding platforms. The company has been credited with introducing crowdfunding as a funding tool for creatives. In 2016, Fondeadora merged its rewards business with Kickstarter Mexico.
Most new users download Fondeadora’s app to perform simple transactions such as paying for Spotify accounts. Brazil has been attracting nonbanks and challenger banks, and now they’re also beginning to enter Mexico. Fondeadora is among many other challenges that are planning to transform the existing financial industry.
As most people still rely heavily on cash in Mexico, creating a challenger bank represents a good opportunity. In addition to customers from legacy banks, Fondeadora can become the first bank account for many people. Fondeadora doesn’t operate any branch for its banking service. When you create an account, you receive a Mastercard debit card a few days later. There are no monthly subscription fees and no foreign transaction fees.
Fondeadora, a Mexico City fintech startup to build a challenger bank.
Fondeadora is a Mexico City-based fintech startup building a challenger bank. It has extended its Series A funding round. I covered the company’s original round in August 2020. And now, Fondeadora adds $ 14. million in addition to the $ 14 million, as it has already raised now represents a $ 28 million funding round.
Portag3 is investing in the extension. Google’s Gradient Ventures, an existing investor in the company, is investing more money in Fondeadora. Gokul Rajaram and Anatol von Hahn are also investing as business angels. As a reminder, Y Combinator, Scott Belsky, Sound Ventures, Fintech Collective, and Ignia also participated in the first tranche of Serie A.
Fondeadora bank launches a card without any personal info or card numbers.
The company launches a card with no personal information or card numbers, kind of like the Apple card in the US On the back of the card you can find a QR code. This way, users can show their cards to their friends. Users can even scan the code and receive money seconds later.
Fondeadora doesn’t operate any branch for its banking service. When any users create an account, he or she receives a Mastercard debit card a few days later. There are no monthly subscription fees and no foreign transaction fees. Like other challenger banks, the user’s balance is updated instantly. As users can choose to receive push notifications for transactions. They can also lock and unlock their card from the app.