LAVCA VC
  • News Feed
  • VC Data
  • Directories
  • Features
  • Tech Growth Coalition
  • LAVCA Gender Diversity
  • Engage
    • VC Council
    • VC Members
  • LAVCA
  • Member Login
  • Member Access

LAVCA VC

  • News Feed
  • VC Data
  • Directories
  • Features
  • Tech Growth Coalition
  • LAVCA Gender Diversity
  • Engage
    • VC Council
    • VC Members
  • LAVCA

QED Investors, Village Global, Next Billion Ventures, and Mountain Nazca Mexico Invest US$6.5m in minu

4 September 2019
Minu LAVCA

minu, a payroll fintech providing Mexican employees digital access to their earned wages, raised a US$6.5m seed round from QED Investors, Village Global, Next Billion Ventures and Mountain Nazca Mexico.

(Press Release) minu, financial wellness company that revolutionizes how Mexican employees get paid, raises 6.5 million dollars, including from Bill Gates and Mark Zuckerberg.

• One of largest seed rounds in Mexico´s history, with the participation of QED Investors, Village Global, Next Billion Ventures and Mountain Nazca as well as several angel investors.
• minu offers a disruptive solution to the lack of liquidity during the pay cycle which affects millions of Mexican employees by offering them instant and 24×7 access to their earned wages, without having to wait for payday or to get a loan.
• Company empowers HR departments to improve the financial health of their employees

Mexico City, September 4, 2019.- minu, an employee financial wellness company, raised $6.5MM, one of the largest seed rounds for any Mexican start-up. Investors include:

 QED Investors, leading fintech VC whose portfolio includes Nubank, Credit Karma, Avant, SoFi, Klarna, GreenSky, AvidXchange, Remitly, and QuintoAndar
 Village Global, social impact fund of Bill Gates, Mark Zuckerberg and Jeff Bezos
 Next Billion Ventures
 Mountain Nazca
 Round of angel investors that includes the founders of Cornershop and PayU.

minu solves employee´s lack of liquidity with instant and 24×7 access to their earned wages through an app. The innovative solution, first of its kind in Latam, proven in US and UK markets, eliminates the need to access expensive loans to make it to payday.

“Mexico has a deep liquidity problem that affects millions. 75% of Mexicans live from pay check to pay check with no savings for contingencies, 33% get loans from family, friends or institutions to cover their recurring expenses and 71% recognize that their largest source of stress is financial worries.” said Nima Pourshasb, CEO.

“The current options are complex, inadequate, and expensive, and promote a cycle of indebtedness that favors poverty. minu boosts employees’ financial freedom with a disruptive, albeit simple solution: instant access to funds that you have already earned. Withdrawals are requested through our app and are received in the same payroll account, 24×7.”

minu works closely with HR teams to improve the financial health of their employees, without having to change their payroll processes and at no cost for the companies. It is not a loan, and does not charge an interest rate. It charges a fixed $2.00 withdrawal fee similar to an ATM. The platform design is based on choice architecture where HR teams can configure parameters, such as % of earned salary available for withdrawal, number of withdrawals per pay cycle, and minimum withdrawal amount, that guarantee that their employees can only make financial decisions that are right for them.

“Payroll will drastically change in the next 10 years, as workers demand, justifiably, access to earned wages – which legally belong to them – whenever they please,” concluded Nima. “minu will help companies respond to this demand.”

“The liquidity problem is particularly profound in Mexico,“ said Matt Burton, QED partner, “and we believe that the experienced minu management team will lead this category and impact millions of lives positively.”

About minu
minu is a Mexican employee financial wellness company. Its mission is to improve the financial health of millions of workers, revolutionizing how they get paid. https://minu.mx/

 

QED Investors, Village Global, Next Billion Ventures, and Mountain Nazca Mexico Invest US$6.5m in minu was last modified: September 6th, 2019 by csantos
Bill GatesFintechJeff BezosMark ZuckerbergMexicominuMountain Nazca MexicoNext Billion VenturesNima PourshasbQED InvestorsVillage GlobalWellness
0
Facebook Twitter Google +

Categories

  • Deals
  • Exits
  • Regulatory
  • M&A
  • New Funds & Firms
  • Partnerships

Sign up for LAVCA’s bi-weekly Latin American Private Capital Update and the LatAm Venture Bulletin, produced specifically for venture investors, entrepreneurs, and technology startups in the early stage ecosystem.






Which LAVCA Newsletter would you like to receive?

Tweets

  • Congratulations to all the winners of the 9th annual LAVCA ESG Deal Awards! Learn more about the winners here:… https://t.co/VSLSO2QDkU

    25-May-2023

    Reply Retweet Favorite
  • Join us at 10 am ET for LAVCA's 9th annual ESG Deal Awards! Join here: https://t.co/idTeK2S6lK #investors #LatAm… https://t.co/bbCEAOfjtd

    25-May-2023

    Reply Retweet Favorite
  • Nicolas Szekasy and Francisco Alvarez-Demalde of LAVCA Member firms @KaszekVentures & Riverwood Capital shared thei… https://t.co/GtxubjgCYD

    22-May-2023

    Reply Retweet Favorite
  • The 9th Annual LAVCA ESG Deal Awards will take place next Thursday, 25 May 2023 at 10 am ET on LinkedIn. LAVCA Mem… https://t.co/NpRQSoZgkJ

    18-May-2023

    Reply Retweet Favorite
  • Join us for "Increasing Participation of Women in Private Capital", the next module in the Inside Private Capital e… https://t.co/eQm8BFtlFg

    16-May-2023

    Reply Retweet Favorite

Keep in touch

Twitter Linkedin Youtube

About LAVCA

 

LAVCA is the Association for Private Capital Investment in Latin America, a not-for-profit membership organization dedicated to supporting the growth of private capital in Latin America and the Caribbean through research, education, networking and advocacy.

LAVCA Office

    New York City:
    589 8th Ave, 18th Floor
    New York, NY 10018

Explore LAVCA.org

  • About LAVCA
  • Board, Team, & Advisors
  • Media
  • Contact Us
  • Membership Benefits
  • Members Only Access
  • Education and Programs
  • Research
  • Policy
  • LAVCA VC
  • Contact Us

@2020 - LAVCA. All Rights Reserved.


Back To Top