Mexican challenger bank Fondeadora has reportedly added an additional $14m to its Series A round.
This fresh investment was supplied by Portag3, with Gradient Ventures reupping into the company, according to a report from TechCrunch. There were also a handful of angel investors joining the round.
The FinTech previously raised an initial $14m in its Series A round last year. Investors to that initial tranche included Gradient Ventures, Y Combinator, Scott Belsky, Sound Ventures, Fintech Collective and Ignia.
This fresh equity also doubled the company’s valuation, but no figure was provided.
Founded in 2018, the company offers a mobile banking app and payment card that lets users transfer money, spend and make savings through their smartphone.
Following the close of the initial Series A funding, Fondeadora said it would use the funds to release a new product that would enable users to earn interest on deposits.
Earlier in the month, fellow Mexico-based FinTech company Minu closed a $14m Series A round. The company is a pay on demand solution that enables employees to get quick access to their salary.
Another Mexican FinTech to close funds this year is retail investing app Flink. The company offers Mexican consumers a mobile app that enables them to build their own portfolio.
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