Onuu, a Fintech targeting financially underserved Americans, today announced it had received $6 million in Seed A funding led by Latino-led VC Leap Global Partners, with participation from Ulu Ventures, SV LATAM Capital, Jumpstarter Ventures, Verso Capital, and Capital Factory Ventures.
Pronounced “on you,” the company will serve the approximately 166 million Americans of modest means who lack access to basic financial products that provide financial security, they said. Onuu will personalize its life insurance, savings and credit card products, and provide an individualized financial literacy experience and digital guide unique to each member, at an affordable monthly price.
Onuu was co-founded by Austin entrepreneurs Felix W. Ortiz III and Ryan Wuerch. Ortiz said his grandparents’ experience served as his inspiration to assist financially underserved people. They arrived to the U.S. mainland from Puerto Rico and raised a family without the benefit of financial literacy or economic stability.
“Far too many Americans are rejected when they apply for financial products because of adverse selection,” said Ortiz. “The goal of Onuu is to bring them into the financial system fairly and give them a chance to prosper by offering financial security as a product. My late grandparents, Felix and Candi, influenced my life so immensely and ultimately, were the catalysts for Onuu.”
The majority of the company’s VC funders are Latinx-led. It is a majority Hispanic-owned company, with a 20-person staff – 60 per cent of whom are minorities or women.
“We believe Fintech has entered a new phase of contextual financial services, where companies like Onuu will use AI-driven approaches to provide relevant financial services within the context of their users’ financial lives,” said Roman Leal, managing partner of Leap Global Partners. “Onuu’s vision of providing financial security for the roughly 166 million Americans traditionally left out by financial institutions is well aligned with our mission of challenging the status quo in Fintech.”