Mexico-based digital bank Fondeadora has doubled its series A round to $28m, adding $14m from investors including internet technology provider Google’s Gradient Ventures unit, TechCrunch reported yesterday.
The extension also featured venture capital firm Portag3 Ventures and angel investors Gokul Rajaram and Anatol von Hahn. Gradient Ventures led the August 2020 first close, investing with Y Combinator, Sound Ventures, Ignia Partners, FinTech Collective and Scott Belsky.
Fondeadora operates a challenger bank that issues customers with a Mastercard debit card and which does not charge subscription or foreign transaction fees.
Norman Müller, co-founder and co-CEO of Fondeadora, told TechCrunch: “We received an unsolicited and unexpected term sheet three months after our series A,” adding that it had also doubled its valuation in the second close.
Ignia Partners initially invested $1.5m in the company in early 2019 before joining LW Investment Management and various angel investors in a $2.5m seed round in December the same year.
