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 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.
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.
Announcement: Minu Raises $14M for Employee Financial Wellness