Financial wellbeing startup Mintago has announced raising $4.75 million in its latest funding round to augment its platform and expedite its expansion across the UK.
Established in 2019 by former Perkbox co-founder, Chieu Cao, Mintago stands as a Financial Conduct Authority (FCA)-regulated company, rendering financial wellbeing solutions in the UK.
Mintago strives to assist employers in acquiring talent and enhancing employee retention and productivity. It also aids companies in minimizing national insurance costs and cultivating a positive workplace ambiance.
The platform focuses on meeting crucial financial needs of employees, offering services like management of pension contributions, debt counselling, and financial advisory, thereby empowering employees to gain financial independence, according to the announcement.
The company said it experienced substantial growth during the pandemic and has further solidified its status as a frontrunner in the financial wellbeing sector. The escalating demand for Mintago’s platform is underscored by the ongoing cost-of-living crisis, emphasizing the imperative need for employer-driven financial support mechanisms.
Several reputed brands including Oddbox and Chilly’s, are already leveraging Mintago’s platform to foster financial wellbeing among their teams.
The investment, anchored by BlackLion Ventures , which contributed $3.75 million, also saw participation from Love Ventures and Cur8 Capital. These funds are earmarked for technological enhancements to Mintago’s platform and for boosting its sales and marketing outreach.
Chieu Cao, the CEO of Mintago, expressed his enthusiasm, stating:
We are proud to be at the forefront of the financial wellbeing movement, empowering businesses and giving employees everything they need to navigate their financial lives with confidence… we are excited to be able to fast-track our growth in the months and years to come.
Daniel Conti, COO, CFO, and co-founder of Mintago, emphasized the urgent need for businesses to bolster their employees’ financial wellbeing amidst the prevailing cost-of-living crisis. He said:
The best employers recognize this, and are upping their support for staff by providing the necessary financial planning tools and access to advice, in turn building better relationships with their employees.
Mintago is confident that it can redefine financial wellbeing and support in the workplace, paving the way for healthier financial futures for employees across the UK.