San Miguel Chapultepec, Mexico based start-up Minu has secured USD 14 Million funds on 3rd of March, 2021 in a Series A funding round led by Fintech Collective. The company has raised a total of USD 24 Million.
Investors: The acquisition of USD 24 Million funds took place in a Series A funding round led by Fintech Collective along with new investors VEF, XYZ Ventures and FJ Labs, DocuSign founder Tom Gonser and Gusto CFO Mike Dinsdale.
What the funding is for: The new funding would be utilised for the global expansion of the company and according to the sources, the organization will increase its offering to include financial education, saving, smart spend and insurance products.
Founders of the company: Nima Pourshasb and Paolo Rizzo
Founded year: 2019
About the company: Minu is a privately held organization that revolutionizes the financial health of Mexican employees. The company is supported through FinTech’s leading institutional investors globally, including QED. Its headquarters is established in Latin America and has a work strength of 11- 50 workers.
What the CEO has to say:
“This is money that is already earned, Our users have an app to see how much is available and if they need those funds, they can instantly receive them.”
“The company’s distribution model is B2B, so it works alongside large enterprises to offer access to the wages as a benefit for employees. Businesses are attracted to that model, because they don’t have to pay for it or change their payroll process.”
“We integrate with payroll so the process is automated and there’s no added work for them. It also doesn’t affect cash flows. These are upfront funds so if someone withdraws money. It gets deducted from payroll.” — Nima Pourshasb, CEO of the company.
What the investors have to say:
“We see the company’s current product as the basis for a platform that will offer an array of necessary financial products to a very underserved demographic.”
“Minu is already creating a moat vis a vis competitor via deep integration, high client satisfaction and a broadening financial wellness offering. As the early mover in a market whose characteristics are conducive to success of pay on demand, the immediate growth potential is remarkable, and Minu is uniquely positioned to excel.”
“Due to COVID, we are seeing a pandemic stricken world where hundreds of millions of people are facing greater financial instability, and we believe that fintech has a vital role to play in accelerating the emergence of a spending middle class undeserved by the traditional financial system.” — Carlos Alonso – Torras, Partner at FinTech Collective.
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