LatAm List – minu, a Mexican fintech company, recently raised $6.5M from QED Investors, Village Global, Next Billion Ventures, and Mountain Nazca along with angel investors like PayU and Cornershop founders.
minu offers millions of Mexicans a disruptive solution to the lack of liquidity during their pay cycle. Mexicans can access their salary through the minu app without having to wait for payday or recur to expensive credits or loans.
“75% of Mexicans live from paycheck to paycheck with no savings for contingencies, 33% get loans from family, friends or institutions to cover their recurring expenses and 71% recognize that their largest source of stress is financial worries,” said Nima Pourshasb, minu’s CEO.
He adds, “The current options are complex, inadequate, and expensive, and promote a cycle of indebtedness that favors poverty. minu boosts employees’ financial freedom with a disruptive, albeit simple solution: instant access to funds that you have already earned. Withdrawals are requested through our app and are received in the same payroll account, 24/.”
“We believe that the experienced minu management team will lead this category and impact millions of lives positively,” said Matt Burton, QED Investors’ Partner.
Read more on Crowdfund Insider.