Banking Fintech Mobile Banking News

Fortú launches Latino Digital Bank; Raises $5 Million led by Valar Ventures; Announces Miami HQ

Fortú launches Latino Digital Bank; Raises $5 Million led by Valar Ventures; Announces Miami HQ

Fortú is the culturally contextually digital bank account for U.S. Latinos and Hispanics

Fortú announced the launch of its digital bank account focused on Latino and Hispanic U.S. residents who remain underserved by the “one size fits all” approach of traditional financial institutions. Fortú is building modern banking products with a Latino cultural context.

The fortú account is bringing the first holistic approach to better banking for Latinos, a distinct demographic with a higher prevalence of multigenerational families; mixed households with both immigrant and U.S.-born members; varying English vs. Spanish language preferences across generations; and a greater likelihood of maintaining financial ties with family and community across the U.S. and abroad. Traditional banking products are not designed to meet these unique, culturally contextual, household needs.

Read More: Gilded Launches Mass Pay, Enabling Businesses to Pay Employees in Crypto

The fortú account includes the following features:

  • A free FDIC insured checking account with no activation fees, monthly fees or minimum balance requirements and available to U.S. residents, including foreign nationals without a social security number1
  • Up to two day early direct deposit availability
  • 100% bilingual English/Spanish digital banking app available for iOS and Android
  • Contactless Mastercard debit card that is mobile wallet compatible (Apple Pay, Google Pay, and Samsung Pay)
  • Premium Mastercard benefits2 when making payments with the fortú debit card:
    –  Cellular phone protection for damaged or stolen phones
    –  Purchase assurance against accidental damage or theft of purchases
    –  Extended warranty protection
    –  Price drop protection
  • Free cash withdrawals at over 55,000 participating ATMs via the Allpoint network3
  • Cash deposits at over 100,000 retail locations including Walgreens, CVS, 7-11, and Walmart via the Green Dot Reload Network.4
  • Secure, in-app, international remittances via Wise5

In 2020, the company raised a $5 million seed round led by Valar Ventures with participation from prominent fintech executives like Jake Gibson; co-founder of Nerdwallet; Francesco Simoneschi, CEO and co-founder of TrueLayer; Joyce Kim, Executive Director and founder of the Stellar Foundation; and Andrew Endicott, COO and co-founder of Petal.

Read More: Amalgamated Bank Helps Launch Net Zero Banking Alliance

Valar, a New York-based and fintech-focused VC firm, led the funding round. Valar is an investor in several globally prominent fintech companies including Wise, N26, Albo, Xero, and Petal.

“We’re proud to invest in fortú,” said James Fitzgerald, a founding partner with Valar Ventures. “They are by far the most experienced and best positioned team to bring world class digital banking to underserved Latino and Hispanic communities across the U.S.”

Fortú also announced Miami, FL as its corporate headquarters. “As the highest profile American city with a Latino majority and home to the most exciting emerging technology hub, Miami is clearly the best place to build a digital bank serving Latinos. We’re proud to call Miami home,” said fortú CEO, Charles Yim. “As fortú grows, we expect to create hundreds of new technology jobs in Miami over the next few years.”

“It’s very exciting to see a mission-driven business like fortú choose the City of Miami for their headquarters. They understand the value and opportunities that come with cultural and economic diversity and there isn’t a city in this country better positioned for that than Miami,” said Miami Mayor Francis Suarez.

Read More: Clearbanc Rebrands to Clearco, Announces US$100 Million Series C Funding

Related posts

Accuity Acquires Apply Financial to Provide Real-Time Straight Through Processing and Account Validation Payment Solutions

Fintech News Desk

Snowflake and Citi Securities Services Re-Imagine Data Flows Across Financial Services Transactions

Fintech News Desk

DriveWealth Partners with MotivHealth to Create Comprehensive HSA platform to Contribute and Invest

Fintech News Desk