Mexican fintech Minu bags $30m Series B funding
Minu, an employee wellness platform based in Mexico, has secured $30 million in a Series B funding round led by QED Investors.
Minu lands $30 million Series B
The round saw additional support from existing investors FinTech Collective, Salkantay, Nazca, and Redwood Ventures, alongside new backers Flourish Ventures, Clocktower Technologies, Working Capital Fund, Next Billion Capital Partners, Promotora Impact Ventures and Endeavor Catalyst.
Founded in 2019, Minu’s B2B platform provides over 50 wellness benefits, including grocery and fuel neo-voucher cards, discounts, earned wage access, high-yield savings options, financial education, virtual consultations with doctors, therapists, and nutritionists, as well as an array of insurance offerings, serving over one million users.
The cash injection has been earmarked to expand Minu’s “regional footprint in Mexico and to continue strengthening its wellness offering across financial, physical and mental health”, according to a company statement.
This funding round brings Minu’s total raised to $47 million, following its $14 million Series A in 2021, and according to CEO and co-founder Nima Pourshasb, comes “when we are about to achieve profitability”.
This milestone coincides with its recent partnership with Citibanamex, Citi’s Mexican division and the nation’s second-largest bank. Through this collaboration, Minu is to power earned wage access directly within Citibanamex’s retail app, catering to its five million payroll clients.
