Mexican Fondeadora secures $14m in a Series A round

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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. Y Combinator, Scott Belsky, Sound Ventures, Fintech Collective, and Ignia are also participating in the funding round.

Founded in 2018, Fondesdora already manages 150,000 accounts and is adding $20 million in deposits every month.

There are no monthly subscription fees and no foreign transaction fees.

Fondeadora wants to democratize savings accounts. “Cash has a great UX and UI. You can touch it, you can store it in your drawer. But as a medium to generate income, it’s terrible,” Müller told me.

In the coming months, you’ll earn interest on your deposits in your Fondeadora account. “We’re investing in government bonds, it’s a very secure type of instruments. In Mexico, you can get 5% or 6% interest rate,” Müller said.

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