Miami-based challenger bank Fortú launched recently to cater to the banking needs of Latinos and Hispanics in the US. Fortú was founded by Charles Yim, a former Amazon Web Services and Google executive, and Apolo Doca, who previously helped build Lemon Bank, a Brazilian digital bank acquired by Banco do Brasil. Fortú has spent the last year developing its services in stealth mode, and has raised $5 million during this time.
The current U.S. banking system is not well-suited to serve Latinos, according to Fortú CEO Charles Yim. Since 1970, the Latino population has grown five times faster than the non-Latino population, and the U.S. is becoming increasingly English-Spanish bilingual. However, the regulatory frameworks surrounding banks were not designed to anticipate this demographic and cultural shift.
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