minu, the leading compensation and benefits platform in Mexico, announced that it has raised $30 million in a new investment round. The Series B round was led by QED Investors, with participation from new investors including Next Billion Capital Partners, Flourish Ventures, Promotora Impact Ventures, Endeavor Catalyst, Clocktower Technologies, and Working Capital Fund, in addition to existing investors FinTech Collective, Redwood Ventures, Salkantay, and Nazca.

The funds raised will be used to consolidate its leadership and geographic coverage in Mexico and to continue strengthening its wellness offering, which covers financial, physical and mental health. With this round, the total amount raised to date amounts to 47 million dollars.

minu offers a modular and comprehensive, gamified platform that includes more than 50 wellness benefits, including on-demand salary (instant access to already earned salary), high-yield savings, financial education, food and fuel vouchers, online access to doctors, therapists and nutritionists, as well as a variety of insurance and assistance. For HR leaders, the solution reduces monthly employee turnover by 33%, impacting one of the problems that have been increasing in Mexico due to nearshoring, the low unemployment rate and the incorporation of new generations into the workforce. It also provides valuable data for decision-making and compliance with labor regulations, such as NOM 35, in Mexico.

“This round of funding, comprised mostly of impact funds, reflects the strong and steady progress of our mission to improve the financial health of millions of workers. This capital injection comes at a key moment, when we are on the cusp of reaching profitability, ensuring the sustainability of our work in the long term,” said Nima Pourshasb, CEO and co-founder of minu.

Today, minu helps more than 2,000 companies, including the country’s leading department stores (Liverpool, Coppel), the largest beer manufacturer Grupo Modelo, gym chains (Smartfit, Sports World), car rental agencies (Avis, Hertz, Dollar) and major HR outsourcing companies (Adecco, Manpower). Recently, minu launched a partnership with Citibanamex, integrating into the institution’s banking application to offer on-demand salary to its 5 million payroll clients.

“We are incredibly excited by minu’s exceptional growth. On average, they close 7-8 new employers every day, demonstrating the high impact value they offer to both employers and employees,” said Ken Toyoda, Managing Partner at Next Billion Capital Partners, who will join minu’s Board of Directors as an observer.

“Since leading minu’s seed round in 2019, we have been consistently impressed by the company’s leadership and steady growth to positively impact the financial lives of millions of Mexican workers,” said Bill Cilluffo, Partner at QED Investors and member of minu’s Board of Directors. “minu is firmly positioned as the leading workplace wellness platform in Mexico, and we are excited to continue to support the team as they take advantage of market tailwinds driven by nearshoring and new labor regulations.”