Onuu raises $6m for financial security mission

Onuu, an Austin-based provider of banking and insurance solutions, has raised $6m in Seed A funding led by Latinx-led VC Leap Global Partners.

The round also saw participation from Ulu Ventures, SV LATAM Capital, Jumpstarter Ventures, Verso Capital, and Capital Factory Ventures.

Onuu was founded by serial entrepreneurs Felix W. Ortiz III and Ryan Wuerch to provide banking and insurance solutions to millions of people who lack financial security and literacy.

The company said it will personalise its life insurance, savings and credit card products, and provide an individualised financial literacy experience and digital guide unique to each member, at an affordable monthly price.

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.

Ortiz said, “Far too many Americans are rejected when they apply for financial products because of adverse selection. 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. 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 honour, it’s a responsibility.”

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