back Back

Onuu raises $6m Seed A to serve Americans lacking financial security

By Edlyn Cardoza

March 17, 2022

  • financial literacy
  • Financial Security
  • Financial Services
Share

Onuu, Leap Global Partners, Financial Security, Financial Literacy, Financial Services, FinTech, Puerto Rico, Latin America, USAOnuu, co-founded by Austin entrepreneurs Felix W. Ortiz III and Ryan Wuerch, recently announced it had received $6 million in Seed A funding. The funding round was 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, pronounced “on you,” will serve approximately 166 million Americans of modest means who lack access to basic financial products that provide financial security. The company will personalize its life insurance, savings, and credit card products and provide an individualized financial literacy experience and digital guide unique to each member at an affordable monthly price.

Ortiz said that formative experience served as his inspiration to positively impact millions of financially underserved people, many like his grandparents who arrived to the U.S. mainland from Puerto Rico and raised a family without the benefit of financial literacy or economic stability.

“Far too many Americans are rejected when they apply for financial products because of adverse selection,” according to Ortiz. “The goal of Onuu is to bring them into the financial system fairly and give them a chance to prosper by offering financial security as a product.”

“My late grandparents, Felix and Candi, influenced my life so immensely and ultimately, were the catalysts for Onuu,” Ortiz explained. “To turn the financial challenges they faced into an opportunity to serve millions of people who are in a similar position is not only an honor, it’s a responsibility.”

The majority of Onuu’s VC funders are Latinx-led. It is a majority Hispanic-owned company, with a 20-person staff – 60% of whom are minorities or women.

“We believe fintech has entered a new phase of contextual financial services, where companies like Onuu will use AI-driven approaches to provide relevant financial services within the context of their users’ financial lives,” said Roman Leal, Managing Partner of Leap Global Partners. “Onuu’s vision of providing financial security for the roughly 166 million Americans traditionally left out by financial institutions is well aligned with our mission of challenging the status quo in fintech.”

Previous Article

March 17, 2022

Currencycloud and Moov partner for international and domestic payments

Read More
Next Article

March 17, 2022

Robocash launches loans from Sri Lanka

Read More






IBSi Daily News Analysis

UAE, money transfer

June 14, 2024

financial literacy

Digital remittances surge as key lifeline amid global economic challenges, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 14, 2024

IDVerse brings Identity Verification solution to Temenos Exchange

Read More

June 14, 2024

Over 44% of U.S. consumers embrace AI in banking, prioritise fraud detection–with a few caveats

Read More

June 13, 2024

4 Cybersecurity firms using AI to thwart financial crime in the UK

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023