AUSTIN, Texas--(BUSINESS WIRE)--Onuu, co-founded by Austin entrepreneurs Felix W. Ortiz III and Ryan Wuerch, today announced it had received $6 million in 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, pronounced “on you,” will serve the 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.”
About the Founders: With a career focused on building successful companies using artificial intelligence and machine learning to power key products for Fortune 100 companies, Ortiz partnered with Wuerch who has founded and scaled technology companies from inception to the public market with over $1 billion in value, most recently founding Dosh that led to millions of consumers using the app to receive cashback and was acquired by Cardlytics in March 2021 for $275M. They are using their collective experience to rapidly accelerate the development of Onuu and launch a product that will impact the masses of consumers that are underbanked and underinsured.
About Onuu: 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. Onuu members will have access to personalized life insurance and banking solutions, a digital guide and highly customized financial literacy experiences. The founding team has over 100+ years of combined financial technology experience. For more information, visit onuu.com.
