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Onuu announces list of partners to democratise access to financial security for Americans

By Edlyn Cardoza

April 28, 2022

  • AAA Life Insurance
  • Financial Security
  • Financial System

Onnu, VISA, AAA Life Insurance, Financial System, VISA Fintech Fast Track Program, Leap Global Partners, USARecently, Onuu, an all-in-one banking and insurance solution, announced its first round of partnerships with some of the most innovative and trusted companies globally, including Visa and AAA Life Insurance. These partners are laying the foundation for Onuu’s offerings, including access to products and services for the approximately 166 million Americans currently underserved by the country’s financial system.

“At Onuu, we believe everyone deserves financial security, which was the impetus for starting the company. We built the platform with Americans of modest means in mind, leveraging machine learning to help ensure people have access to a more secure financial future,” said Felix Ortiz, CEO and co-founder of Onuu. “We know that working with like-minded brands who prioritize their customers’ financial well-being is critical to our success, and it is an honor to partner with marquee brands like Visa and AAA Life Insurance as we prepare to introduce Onuu nationwide.”

Onuu is designed with Americans of modest means in mind, offering a personalised membership with access to life insurance, credit and savings. Democratising access to financial security is at the core of Onuu’s mission, and this inaugural list of partners represents the company’s commitment to advancing that vision for its members.

“We are thrilled to be partnering with Onuu as they pave the way in how people think of and approach financial security,” said Ankur Chaturvedi, Chief Operating Officer and Interim President at AAA Life Insurance. “This partnership will enable us to work together in helping Americans gain better, and more robust, access to financial protection for those they care about.”

Onuu’s platform is powered by artificial intelligence and machine learning to help change the way people gain access to financial products, services and education while creating a more personalised and accessible user experience.

“Expanding access to financial tools and services is core to Visa’s purpose – uplifting everyone everywhere – and we’re excited to work with companies like Onuu in bringing new solutions and approaches to this challenge,” said Vanessa Colella, SVP and Global Head of Innovation and Digital Partnerships, Visa. “By joining Visa’s Fintech Fast Track program, Onuu gains access to Visa’s scale, security, reach and network of partners, which can help rapidly growing fintechs get to market faster.”

SCOR, a Global Tier 1 reinsurer, and Onuu are collaborating on reinsurance solutions for Onuu’s offerings in support of these initiatives. “As a purpose-driven organization, we aim to reverse the widening savings and protection gaps. We are excited to collaborate with Onuu to increase financial literacy and accessibility, and enhance security with a digital, embedded approach,” said Manisha Dias, Vice President, Strategic Partnerships at SCOR.

Onuu will open a waitlist on May 2, allowing consumers to become early subscribers and stay informed of the latest news around the launch. Those on the waitlist will then receive additional information about entering Onuu’s upcoming sweepstakes, which open from May 2 through June 1, to win $25,000. Onuu will be launching the platform this summer with immediate plans to evolve its offerings, expand the team, further develop the technology, and build out its partner network over the next six months.

This partnership announcement comes on the heels of Onuu’s $6 million Seed A funding, led by Latinx-led VC Leap Global Partners, with participation from Ulu Ventures, SV LATAM Capital, Jumpstarter Ventures, Verso Capital, and Capital Factory Ventures. Onuu recently bolstered its seed investor base with a sizable investment from LAT VC, which invests exclusively in the innovation and growth of U.S. Latino-owned businesses and includes two former Fortune 500 CEOs, Sol Trujillo and Oscar Munoz. The capital and expertise of LAT VC will be directed towards Onuu’s technology and product development.

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