We are excited to announce that we have led the $14 million Series A round in Mexican startup, minu. The round included participation from VEF, XYZ Ventures, and FJ Labs, as well as existing investors QED, Next Billion Ventures, and Village Global.
minu solves the employee liquidity gap between paychecks faced by Mexican workers, currently by offering 24x7 instant access to earned wages for a $2 fixed withdrawal fee. The company will leverage this round of financing to expand its suite of financial wellness products and prepare for regional expansion.
Founded in 2019 by Nima Pourshasb, Rafa Niell, and Paolo Rizzi, minu pioneered the pay on demand category in Mexico and has become the market leader with 100+ large enterprise 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 company's exponential growth – an 18-times increase in the number of transactions last year – speaks to the societal demand for access to earned wages.
FinTech Collective was introduced to minu's CEO - Nima Pourshasb - through a top venture capital fund in Mexico. We see tremendous value in the enthusiasm and efficiency surrounding Minu's customer-centric approach, and the powerful B2B enterprise sales machine that it has built in a short amount of time. We are thrilled to support the team in its journey to build a comprehensive employee financial wellness platform capable of reducing the financial stress that currently limits millions of Mexican workers.
minu solves for the employee liquidity gap between paychecks in order to reduce financial stress and avoid expensive loans. The company offers 24x7 instant access to employees’ earned wages for a $2 fixed withdrawal fee. minu addresses the fact that 75% of workers in Mexico live from paycheck to paycheck with average wages of $550/month. 33% of them take loans out to cover their recurring basic expenses, and only 12% have a savings account.
By prioritizing the satisfaction of both employers and employees - with 92% employer NPS and 4.8/5.0 app ratings - minu has created a promising wedge from which to build a suite of financial wellness products. The founders - Nima, Rafa, and Paolo - are experienced entrepreneurs, with seasoned track records as operators in Latin America.