Minu raises $30m to expand employee wellness platform in Mexico

November 20, 2024

Minu, a leading employee wellness platform in Mexico, has raised $30m in a Series B funding round to enhance its services and solidify its position in the region.

The Series B round saw participation from new investors, including Next Billion Capital Partners, Flourish Ventures, Promotora Impact Ventures, Endeavor Catalyst, Clocktower Technologies, Working Capital Fund, and Fluent Ventures. Existing backers, such as QED, FinTech Collective, Redwood Ventures, Salkantay, and Nazca, also contributed to the funding.

Founded in 2019, minu offers a comprehensive, modular wellness platform designed to improve the financial, physical, and mental health of workers. Its platform includes over 50 wellness benefits, ranging from earned wage access and high-yield savings to neo-voucher cards for groceries and fuel, financial education, and access to healthcare professionals. The solution also features compliance support for HR leaders and analytics tools, helping reduce employee turnover by 33%.

The newly raised funds will enable minu to strengthen its footprint in Mexico and expand its offerings across wellness areas. The company aims to ensure long-term impact by advancing its mission of improving the financial health of millions of workers, particularly as it nears profitability.

Nima Pourshasb, CEO and co-founder of minu, said, “This raise involving predominantly impact funds speaks to the strong and steadfast progress in our mission to improve the financial health of millions of workers. This capital addition comes when we are about to reach profitability, ensuring our long term work in our mission.”

Minu currently works with over 2,000 enterprises, including major brands such as Grupo Modelo, Liverpool, and Coppel, alongside HR outsourcing giants like Adecco and Manpower. Its recent partnership with Citibanamex integrates minu’s earned wage access feature into the bank’s retail app, extending benefits to 5m payroll clients.

Ken Toyoda, managing partner at Next Billion Capital Partners and board observer at minu, said, “We are incredibly excited about minu’s remarkable growth. On average, they are closing 7-8 new employers each day, which is proof of the high-impact value they deliver to both employers and employees.”