Minu, an employee wellness platform in Mexico, has raised $30 million Series B. Noted Fintech VC QED Investors led the funding round along with the participation of new investors Next Billion Capital Partners, Flourish Ventures, Promotora Impact Ventures, Endeavor Catalyst, Clocktower Technologies, and Working Capital Fund. Existing investors who are participating include FinTech Collective, Redwood Ventures, Salkantay, and Nazca.
The new money is expected to “solidify the regional footprint in Mexico and to continue strengthening its wellness offering across financial, physical and mental health.”
In total, minu has now raised $47 million.
Minu is said to be the market leader in pay-on-demand in Mexico. This means immediate access to wages for a flat $2 fee so no more expensive check cashing etc.
Minu reportedly works with over 100 large enterprises in both the private and public sectors, including TotalPlay, Telefonica, Scotiabank, OfficeMax, Rappi, Adecco, Manpower, and Cap Gemini.
Minu says it has facilitated over 20 million on demand salary withdrawals for more than 1500 companies in their portfolio. The seed round of $6.5 million was said to be one of the largest in Latin America at the time.
