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Mexican fintech receives one of the largest seed investments in Latin America

Among the new investors of minu are some tech gurus, such as Bill Gates and Jeff Bezos

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  • One Mexican fintech by the name of minu just raised one of the largest seed rounds in Latin American history: $ 6.5 million;
  • The venture capital firm behind the deal are QED Investors. Tech gurus such as Bill Gates, Mark Zuckerberg, and Jeff Bezos are some of the famous limited partners at this Silicon Valley fund.

According to the website specializing in startups and innovation investments Contxto, one Mexican fintech by the name of minu just raised one of the largest seed rounds in Latin American history: $ 6.5 million.

The venture capital firm behind the deal are QED Investors. Tech gurus such as Bill Gates, Mark Zuckerberg, and Jeff Bezos are some of the famous limited partners at this Silicon Valley fund. The round also includes other investors such as Village Global, Mountain Nazca, Next Billion Ventures, as well as various individual investors.

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According to Contxto, this capital will allow minu to continue providing instant 24/7 support to Mexican workers who earn an hourly wage, while living paycheck to paycheck. 

To the site, minu CEO Nima Pourshasb, said that approximately 75 percent of Mexicans survive from one paycheck to another. Complicating matters is the fact that many don’t have any savings to fall back on. For this reason, many often take out loans with excessively high interest rates and abusive fees. 

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As a means of improving the financial health of employees, the Mexican fintech minu offers a platform where users can withdraw their salary for the hours they have worked. According to Contxto, this means that they don’t have to wait until the next quincena to pay for certain expenses, whether it be rent, car payment, telephone, etc.

All access is via application. For this service, minu  charges a fixed$ 2 transfer fee when sending funds from the app to a bank account.