Minu, a Mexico City-based employee financial wellness company, raised $14m in Series A funding.
The round was led by FinTech Collective, with participation from VEF, XYZ Ventures, and FJ Labs, as well as DocuSign founder Tom Gonser and Gusto CFO Mike Dinsdale and current investors QED Investors, Next Billion Ventures, and Village Global. The round includes $2.5m of debt from Banco Sabadell Mexico.
The company, which has raised a total of $20m to date, intends to use the funds to continue winning enterprise deals in Mexico by scaling the sales team and by expanding its value proposition to include financial education, savings, smart spend and insurance products, and to start its regional expansion.
Founded in 2019 by Nima Pourshasb, Rafa Niell, and Paolo Rizzi, Minu provides a employee financial wellness platform to 100+ large clients, including TotalPlay, Telefonica, Scotiabank, OfficeMax, Rappi, Adecco, Manpower, Cap Gemini, and public sector clients such as the Electoral Institute of the State of Mexico.
The solution offers employees 24×7 instant access to their earned wages for a $2 fixed fee. For employers, it has no cost, no changes to their payroll process, and no admin work as payroll deductions are automated.