This Fintech Is Winning With Hispanic Immigrants. Now It Has To Survive Trump

Today on Forbes, this fintech is winning with Hispanic immigrants. Now it has to survive Trump. Andre Santos, CEO and co-founder of bilingual banking app KMON says, quote, for immigrant workers in the US, particularly Hispanics, their north star is, I need to take care of my family. That insight is crucial to the success so far of his New York-based fintech, which offers free checking accounts, Visa debit cards, and access to 88,000 ATMs along with services tailored to immigrants. Lowcost international transfers, bilingual text and phone support, and the ability to open an account online using more than 100 forms of identification from Latin America. Despite the nation's foreignb born population being under attack by the Trump administration and slowing immigration, Kimoon is gaining traction. The company now has $276,000 open accounts, and its revenue more than doubled last year to 12. 5 million, earning it a spot on the 2026 Forbes Fintech 50. But Kamoon's future is not guaranteed. Competition from traditional banks and digital players like Chime has been fierce and at least six affinity bank startups have shut down or been acquired in the past four years. The most recent was Sace which offered debit cards to Hispanic immigrants. When it shut down, its CEO blamed declines in immigration. Kamoon Santos counters that about 65 million people of Hispanic descent already live in the US, meaning growth does not depend solely on new arrivals. Political risk remains, though. In October, Senator Tom Cotton, an immigration hawk, urged the Treasury Department to require banks to verify legal status when accepting foreign IDs. Treasury Secretary Scott Bessant later told a Senate hearing he had asked regulators to review how to ensure everyone in the banking system quote is legal, though he expressed reluctance to impose new regulatory burdens on banks. Santos's path to fintech began almost a decade ago. In 2017, while running a1 billion dollar division for Mexican food processor Sigma Almentotos, he visited bodeas across US cities and noticed many still tracked inventory with pen and paper. He sensed an opportunity to build software for Hispanic immigrants, particularly small business owners. In 2019, he moved to the US on a student visa to pursue an MBA at MIT and developed the idea. During the pandemic, as interest in online banking surged, he pivoted towards a digital banking product focused on immigrants sending money home. Shortly before graduating in 2021, he met co-founder Abigail Gutierrez, a Monterey, Mexico native who had studied computer science at Stamford and worked at corporate card FinTech Brex. After four months of brainstorming, the pair settled on a product. A free digital checking account for Hispanic immigrants who often cannot open accounts online without US social security numbers and must pay high fees to send money abroad. According to the Federal Reserve, 12% of Hispanics in the US are unbanked, which is double the national rate. Like many fintexs, Komoon is not a bank itself, but partners with banks to provide accounts and ATM access. In September 2022, after raising $4. 5 million in seed funding led by Kanoa Ventures, the founders launched the Kamune app, investors believed the company had identified a clear market gap. Remittances are indeed massive. According to remmitscope, a platform launched by the UN's international fund for agricultural development, US residents sent more than 101. 5 billion dollars to Latin America and the Caribbean in 2021. One recent policy shift may even help Camune. A 1% tax on outgoing remittances signed by President Trump in last summer's big tax bill does not apply to transfers made through banks or debit cards, strengthening Kamoon's cost advantage over storefront cash transfer shops. The company originally launched with nine employees using a banking as a service provider. Both in 6 months, fraud had become an issue. In 2023, the founders relaunched the product with a new bank partner, Community Federal Savings Bank, and built more infrastructure internally. Last year, Kamoon added a second partner, Cross River Bank, to launch Pay, a service enabling free peer-to-peer transfers between Kamoon debit cards. Today, about 40% of Kamoon's revenue comes from debit card interchange fees, 35 to 40% from international transfers, and the rest

from miscellaneous fees and interest on customer balances. In October 2025, Komoon raised $19. 5 million at a 200 million valuation, bringing total funding to $49. 5 million for investors, including Costaoa, Redpoint Ventures, and FJ Labs. Looking ahead, the startup is developing loan products and exploring stable coins as another method for sending money to relatives in Latin America. Santos acknowledges the political risks, but emphasizes the mission of serving a marginalized community. For full coverage, check out Sophia Acavdos's piece on Forbes. com. This is John Palmer from Forbes. Thanks for tuning in.