Mexican FinTech startup Minu, which offers an employee wellness service, has raised $30m in funding to support the development of gamified features.
The investment included a $10m bridge round from Coppel Capital, Besant Capital and Enea Capital, according to a report from TechCrunch. This tranche also included commitments from existing Minu backers FinTech Collective, QED and Salkantay.
As for the remaining $20m, this was a debt line from Accial Captial.
Minu stated this funding round will give it a runway of 22 months.
With the fresh funds, Minu plans to bolster its distribution among customers, as well as further the development of its platform to include more modules for human resources and chief financial officers.
Its focus will remain on Mexico. Minu co-founder and CEO Nima told TechCrunch, “Mexico is where we see huge opportunities. The biggest opportunity for us is to continue expanding geographically within Mexico with companies of all sizes, continuing to take advantage of the huge inertia and positioning that we have in the market.”
Minu provides businesses with a platform to manage all their employee benefits. Some of the core features include training plans and videos for fitness and meditation, virtual personal finance courses, donations to social causes and communication tools.
Clients can also pick from additional modules to implement. This includes salary on demand, which allows employees to get early access to their earned wages. It also offers savings, loans, discounts, payments and payroll dispersion.
Finally, through the platform, employees can get free online health consultations as well as access to insurance services.
The company, which has over 300 enterprise customers, has experienced strong growth in the past year, with its revenue growing five-times between 2021 and 2022.
With the close of the round, the Mexican FinTech startup has raised a total of $50m.
Another Mexican FinTech company to recently raise funds was Yave. The PropTech platform raised $7.5m in its Seed II round, which was co-led by Better Tomorrow Ventures and Metaprop.
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