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In Mexico’s tense job market, Minu’s take on employee benefits includes financial wellness
In a tight labor market, the best way to attract and retain talent is to look after employee well-being. As Mexico is nearing full employment, this
This helped Minu overcome declining interest from some generalist U.S. VCs to invest in Mexican startups; it just closed a $30 million Series B round of funding led by QED, with participation from new investors, including Endeavor Catalyst and Next Billion Capital Partners. Reduced turnover is one of Minu’s selling points, which also include legal compliance; in 2018, Mexico passed a law, NOM-035, that makes it mandatory for employees to identify and prevent psychosocial risks in the workplace. Earned wage access and financial services are one segment where Minu has several competitors, but it also has similarly wide-ranging ones such as Spanish startup Cobee, whose acquisition by French group Pluxee was recently completed for an undisclosed amount.
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