Mexico-based digital bank Fondeadora has completed a $14m series A round led by Gradient Ventures, the artificial intelligence-focused investment arm of internet technology provider Google, Contxto reported yesterday.
The round also featured accelerator Y Combinator, venture capital firms Sound Ventures and Ignia Partners, VC fund FinTech Collective and angel investor Scott Belsky.
Founded in 2018, Fondeadora has built a mobile-led digital bank that provides deposit accounts that can be accessed from its mobile app. It oversees 150,000 accounts and plans to introduce bank accounts backed by assets such as government bonds.
The startup attracted $2.5m in a December 2019 round backed by Ignia Partners, LW Investment Management and assorted angel investors, following $1.5m from Ignia Partners in March 2019.