Mexican salary advance startup Minu has raised $14 million in Series A funding.
The round was led by FinTech Collective, with participation from VEF, XYZ Ventures, and FJ Labs, as well as DocuSign founder Tom Gonser and Gusto CFO Mike Dinsdale. Existing investors QED Investors, Next Billion Ventures, and Village Global also participated.
The round includes $2.5 million of debt from Banco Sabadell Mexico.
To date, Minu has raised a total of $20 million.
Founded in 2019, Minu claims 100+ large enterprise clients, including TotalPlay, Telefonica, Scotiabank, OfficeMax, Rappi, Adecco, Manpower, Cap Gemini, and public sector clients such as the Electoral Institute of the State of Mexico.
The company offers 24x7 instant access to employees’ earned wages for a $2 fixed withdrawal fee.
“For today´s consumer who lives in an on-demand economy, not having access to the motor of their financial health - earned wages that legally belong to them - is surprisingly outdated,” says CEO Nima Pourshasb. “It generates high anxiety and forces absurdly sub-optimal financial decisions in a country with no usury laws. The pandemic has jumpstarted the momentum and urgency for this correction, and Minu is leading the charge towards a financially empowered and resilient workforce.”
He says the firm will use the new funds to grow its sales team and expand its value proposition to include financial education, savings, smart spend and insurance products, and to start its regional expansion.