QED Investors is an investment firm that supports high-growth companies and businesses. The firm typically provides a combination of both capital and capability. But common to all the firm's partnerships is a shared conviction that information plays a decisive role in the success of the company, a mutual desire for a high degree of direct engagement, and a shared enthusiasm for experimentation and learning.

QED Investors

Mountain Nazca is a Venture Capital firm that backs bold entrepreneurs who seek to build tomorrow's breakout and transforming technology-enabled businesses. Mountain Nazca applies a true bottom-up approach in its quest to help founders reach their ultimate goals. The firm provides entre preneurs with multi-stage venture capital, a highly impactful local and global network, robust market intelligence, insights on strategy formulation and deployment, legal and regulatory advice, high quality talent sourcing, and acces to premium business partnerships.    Mountain Nazca focuses in Latin American and US companies with global understanding and ambitions. We back proven breakout propositions in Latin America's vas and untapped markets as well as transforming innovations created in early adopting markets like the US. The firm holds operations in San Francisco, Mexico City, Bogota, Buenos Aires and Santiago. Additional hubs, thorugh Mountain Partners, include Berlin, Zurich, Jakarta, Singapore, Bangkok, Kuala Lumpur and Abu Dhabi, among others. Mountain Nazca was founded as Nazca Ventures in early 2014 by some of Latin America's most prominent technology entrepreneurs. It subsequently merged with global venture firm Mountain Partners to achieve robust global capabilities.

Nazca Ventures

Village Global is an early stage venture capital firm backed by some of the world's most successful entrepreneurs.

Village Global

Next Billion Ventures is a venture capital firm focused on making early-to-growth stage investments in tech companies in emerging markets. The firm was founded in 2018 and is headquartered in Washington, District of Columbia.

Next Billion Ventures

Salkantay is a venture capital firm that creates value by collaborating with intrepid entrepreneurs, visionary investors and its allies to identify innovative ideas and transform them into successful and highly profitable companies. Salkantay invests in companies with high potential for financial return and impact in Latin America. The Fund has a generalist approach, investing in companies that are solving big regional market pains at scale and efficiently, using technology.

Salkantay Ventures

FinTech Collective is a global, early stage venture capital firm backing entrepreneurs who are rewiring the way money moves through the world. Founded in 2012 with offices in New York City and London, the firm has deep experience investing across capital markets, wealth and asset management, banking, lending, payments, insurance, and DeFi. The managing partners of FinTech Collective met in their mid 20’s and helped build, scale, and successfully exit four fintech businesses.  Backed by some of the world’s leading institutional investors, FinTech Collective manages close to $1b in regulatory assets. Over the last decade the firm has had 10 exits, taken one company from pitch deck to public markets and invested in 96 portfolio companies including well known firms such as Anyfin in Stockholm, Flutterwave in Lagos, IMMO in London, Minu in Mexico City, Mondu in Berlin, Simetrik in Columbia, and several important businesses in NYC including MoneyLion, NYDIG, Ocrolus, Quovo (acquired by Plaid) and Vestwell. The firm publishes a weekly newsletter, delivered every Saturday, which provides a tightly edited rundown of global fintech news, along with a bit of original analysis (available at fintech.io/newsletter).

FinTech Collective

FJ Labs is a stage-agnostic investment firm that focuses on marketplaces and consumer-facing startups. Their investments are seed and series A. The investment range of the company is $50,000 to $5,000,000. It invests in Alibaba Group, Beepi, BrightRoll, Betterment, Adore Me, and Earnest.

FJ Labs

Angel Investments - Tom Gonser, Mike Dinsdale, Dean Neese

TMD Ventures

VEF is an investment company listed on Nasdaq First North Growth Market in Sweden under the ticker VEFL. We invest in growth stage private fintech companies across the emerging world. We take minority stakes and are active investors with board representation in each of our portfolio holdings. We respect the macro, but are firm believers that the secular growth trend of EM fintech outweighs all the macro uncertainty and volatility that we and our portfolio companies will invariably live through. A digital financial world is the end game and the best companies always come out of pockets of macro and market turbulence in a stronger relative position.

XYZ Ventures is an early-stage venture capital firm that supports startups build companies in the fintech and insurtech industries.

XYZ Venture Capital

Endeavor Catalyst is the co-investment fund set up to invest exclusively in led companies and to sustain Endeavor’s long-term operations in a mission-aligned way.

Endeavor Catalyst

Clocktower Technology Ventures invests in the insurance, payments, personal finance, lending, credit, and asset management sectors. The firm’s expertise investing across financial services and its related ecosystem of global institutional allocators, policymakers, and hedge fund managers have created a community that offers a distinct value-add to portfolio companies. Since launching, Clocktower Technology Ventures has invested in 96 fintech companies in North America, Europe, and Latin America. It was founded in 2015 and headquartered in Santa Monica, California.

Clocktower Technology Ventures

Working Capital process is supply chain intervention, philanthropic sidecar, and theory of change. They invests in scalable innovations to meet the growing corporate demand for more transparent and ethical supply chains addressing the urgent need to protect vulnerable workers and source responsibly.

Working Capital

Industry-agnostic venture capital fund investing in tech startups with high growth and scalability potential.

Redwood Ventures

Flourish backs entrepreneurs whose innovations advance financial health and prosperity for individuals and small businesses. A leading early-stage global venture capital firm, Flourish has $850M under management and deploys patient capital with a long-term perspective. In order to help foster a fair, more inclusive economy, the Flourish team partners with more than 70 global fintech founders, as well as 18 ecosystem partners that include industry thought leaders in research, policy and regulation.

Flourish Ventures

minu

minu is revolutionizing the financial health of Mexican employees, offering them access to their already worked salary when they need it, instead of having to wait for payroll. The company works with HR divisions of companies that offer the provision of minu to improve satisfaction, retention, and attraction of talent. minu is supported by FinTech's leading institutional investors globally, including QED.

Based in Mexico, minu is an employee wellness platform provider. As of November 2024, the company offered a suite of over 50 benefits aimed at enhancing the financial, physical, and mental well-being of employees. Key offerings include earned wage access, high-yield savings options, financial education resources, grocery and fuel voucher cards, discounts, and online consultations with healthcare professionals such as doctors, therapists, and nutritionists.&nbsp;

Mexican On-Demand Pay Provider Minu Raises USD $30M

Minu knows financial, employee wellness are connected, so it built 30 gamified benefits

Mexican startups Plerk and Minu announced their merger

Mexican FinTech Minu raises $30m for employee wellness service

Plataforma de Beneficios Para Empleados

Mexican startups Plerk and Minu in merger deal

Managing employee health-related benefits

Health Benefits Platforms

Minu is a Mexican fintech startup that provides a platform for companies to manage employee benefits. The platform offers a comprehensive suite of features, including training plans and videos for fitness and meditation, virtual personal finance courses, donation tools for social causes, and communication tools. Minu's core offering is an on-demand salary module that allows employees to access their earned wages before payday. Additionally, the platform provides services such as savings accounts, loans, discounts, payments, and payroll distribution. Employees can also access free online health consultations and insurance services through Minu's platform.
Established in 2019 by Nima Pourshasb, Rafa Niell, and Paolo Rizzi, Minu has experienced remarkable growth. As of February 2023, the company reported working with over 350 companies in Mexico, including prominent clients like Rappi, Coppel, Grupo Modelo, and Tecnológico de Monterrey. In 2022, Minu witnessed a five-fold increase in revenue compared to the previous year.
To further enhance its platform, Minu acquired Plerk, a digital employee benefits startup, in March 2023. Through this merger, Minu integrated Plerk's digital prepaid employee benefits card into its services, consolidating its offerings for employees.
Key customers and partnerships
Minu boasts a diverse clientele spanning various industries in Mexico. Some of its notable customers include Grupo Modelo, Rappi, Tecnológico de Monterrey, Coppel, and Cinemex. As of February 2023, the company had over 300 enterprise customers.

Based in Mexico, minu is an employee wellness platform provider. As of November 2024, the company offered a suite of over 50 benefits aimed at enhancing the financial, physical, and mental well-being of employees. Key offerings include earned wage access, high-yield savings options, financial education resources, grocery and fuel voucher cards, discounts, and online consultations with healthcare professionals such as doctors, therapists, and nutritionists.&nbsp;In&nbsp;<a href="https://latamlist.com/mexican-startups-plerk-and-minu-announced-their-merger/">March 2023</a>, minu expanded its services by merging with Plerk, a company specializing in employee benefits.Key customers and partnershipsAs of&nbsp;<a href="https://www.minu.mx/blog/minu-the-leading-employee-wellness-platform-in-mexico-raises-us-30-million-to-improve-the-financial-health-of-millions-of-workers?utm_source=chatgpt.com">November 2024</a>, minu collaborated with over 2,000 employers across various sectors, including retail, manufacturing, fitness, and automotive services. Notable clients encompass Liverpool and Coppel (department stores), Grupo Modelo (beer manufacturer), Smartfit and Sportsworld (gym chains), and car rental agencies such as Avis, Hertz, and Dollar. As of the same date, the platform served approximately 1 million users.&nbsp;Also, in&nbsp;<a href="https://www.minu.mx/blog/citibanamex-y-minu-se-unen-para-ofrecer-el-beneficio-de-adelanto-de-ingresos-on-demand-a-cinco-millones-de-clientes-de-nomina-de-citibanamex">November 2024</a>, minu partnered with Citibanamex to integrate its earned wage access feature into the bank's retail app, providing this benefit to Citibanamex's 5 million payroll clients.&nbsp;

Corestream provides voluntary benefits administration through a cloud-based, proprietary HR technology platform. The platform creates a single integration point for carriers, brokers, employers and employees to streamline the selection and administration of insurance benefits and other employee perks. The platform handles insurance benefits like critical illness, long term care, pet insurance, auto and home insurance, as well as financial assistance programs and health/wellness offerings. A Duke University study found that enrollment through Corestream's platform contributes to employee retention, with enrolled employees staying an average of six years versus three years for non-enrolled employees. The platform removes complexity by demystifying benefit features and preventing employees from enrolling in unsuitable benefits, as these offerings are not one-size-fits-all.
Key customers and partnerships
In January 2022, Corestream entered into a strategic partnership with Standard Insurance Company (The Standard) to streamline benefits management and provide insurance products through its platform. Corestream's platform was delivering benefits to more than two million employees as of March 2022. The company has also partnered with Enhesa to provide content supporting risk management and compliance requirements, and with SafePaaS to support identity security and access governance solutions. Additionally, Corestream maintains a partnership with Data Privacy Simplified to offer consultancy services including information audits, gap analysis, and requirements identification.

CoreStream

BeneBay is a cloud-based claims processing and management technology platform for healthcare services. The platform processes claims at the point of service and provides real-time data responses to help manage healthcare costs effectively. Initially developed and implemented in Northern Europe, where it processed over 90% of private health insurance transactions covering 400,000 members, the platform expanded to the US market starting in Florida in mid-2015. BeneBay functions as an online self-insurance platform specifically designed for smaller employers, addressing the underserved market of health benefits for smaller groups through self-funded health insurance products and simplified product design. The platform's technology stack includes secure cloud delivery, built-in intelligence, and automation features for claims adjudication. In 2016, BeneBay reported annual recurring revenues of USD 0.5 million.
Key customers and partnerships
BeneBay served customers in Florida following its US market entry. In Northern Europe, the platform managed transactions for a member base of 400,000 individuals in the private health insurance sector.

Benebay

Benecaid Health Benefit Solutions Inc. is a provider of group health benefits solutions for Canadian small and medium-sized businesses. The company's core offering includes health spending accounts (HSAs) and the Honeybee digital benefits platform. Through HSAs, employers can provide tax-free accounts for employees to pay for healthcare services not covered by government insurance plans. In July 2022, Benecaid, as part of the Green Shield Canada (GSC) group of companies, launched Honeybee Select, a digital benefits solution specifically designed for small businesses with 25 or fewer employees. Honeybee Select offers standardized health, dental, and travel benefits plans powered by GSC, with additional mental health coverage through Inkblot Therapy. The platform features streamlined user experience, add-on allowance accounts, and electronic claims processing through GSC's adjudication platform, enabling instant eligibility assessment at healthcare providers.
Key customers and partnerships
Benecaid operates as a third-party administrator for several Canadian insurance companies and serves clients through a network of independent licensed insurance advisors. Benecaid integrated GSC's adjudication system for processing health and dental claims for Honeybee Select plan members. The company also partnered with Inkblot Therapy to provide mental health coverage as part of its Honeybee Select offering.

Benecaid

Marsh McLennan Agency (MMA) is a provider of business insurance, employee health and benefits, retirement, and private client insurance solutions in North America. The company offers services including commercial property and casualty insurance, employee benefits, management liability, cyber insurance, captives, alternative risk transfer programs, small business solutions, and personal lines insurance. As of January 2024, MMA operates through 170 offices across the US and Canada with over 9,900 employees. The company generated more than USD 2 billion in annualized revenue, making it one of the largest brokerage operations in North America. MMA leverages data analytics capabilities, maintaining one of the industry's largest data repositories to help clients make objective decisions about insurance products and risk exposure. In November 2024, MMA completed the acquisition of McGriff Insurance Services, integrating over 3,500 employees and expanding its capabilities in specialty and middle-market segments. McGriff, which reported revenue of USD 1.3 billion for the 12 months ended June 2024, brought expertise in areas such as commercial property and casualty, corporate bonding and surety, cyber insurance, and management liability.
Key customers and partnerships
MMA works with organizations across various industries including healthcare, senior living, physician practices, construction, transportation, education, agriculture, hospitality, public entities, and banking. The company serves as the official business insurance partner for NCHA (North Carolina healthcare Association) and works with more hospitals and health systems in North Carolina than any other brokerage or consultant.

Marsh McLennan Agency

SAG-AFTRA Health Plan provides health insurance coverage to eligible members of the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA). The plan offers comprehensive medical services including medical, surgical, mental health, life and AD&D insurance, maternity care, hearing aids, therapy, and dental and vision services. As of January 2024, only 12.7% of SAG-AFTRA's 170,000 members qualify for the union's health plan. Monthly premiums for members range from USD 125 to USD 250, with costs increasing to USD 2,501 following unemployment. The plan requires members to meet specific earnings-based or days-based eligibility criteria, which varies depending on occupation and work performed under specific contracts.
Key customers and partnerships
The SAG-AFTRA Health Plan partnered with Carrot Fertility in 2024 to provide infertility treatment coverage starting January 2025, offering services including IVF, IUI, and prescription drug therapy with a family lifetime maximum of USD 30,000. In December 2022, the organization partnered with AFL-CIO to offer new SAG-AFTRA Senior Benefit Plans for Medicare-eligible members and their Medicare-eligible spouses/partners.

SAG-AFTRA Health Plan

Enterprise platforms that help employees and their dependents receive primary or specialist care services as part of their health benefits. These platforms also provide access to Telehealth services, behavioral care services, and remote patient monitoring

Enterprise platforms that help employees better navigate their healthcare journey by identifying which healthcare services are covered under their benefits plan and how to best maximize their use (e.g. identifying a wider pool of suitable regional physicians for consultation)

Enterprise platforms that specialize in helping employees manage their pharmacy- and prescription-related benefits to refill prescriptions or dispense medication for in-store pickup or home delivery

Enterprise platforms that allow employers to directly manage and customize employee benefit plans. These platforms enable enterprises to present employees with multiple health benefits options across health plans and negotiate terms with third-party health administrator services and insurance providers

Platforms are offered using a B2B SaaS business model, enabling digital health

Platforms are offered on a B2B basis to help manage employee benefits across an enterprise

<div>
 
 Minu, an employee wellness platform, has raised USD 30 million in a Series B funding round. The round was led by Next Billion Capital Partners and saw participation from Flourish Ventures, Promotora Impact Ventures, Endeavor Catalyst, Clocktower Technologies, Working Capital Fund and existing investors like QED Investors, FinTech Collective, Redwood Ventures, Salkantay, and Nazca. This takes the company's total funding to date to USD 56.5 million.
 The new funding will be utilized to reinforce minu's regional presence in Mexico and to enhance its wellness offerings which span across financial, physical, and mental health aspects.
 As of November 2024, minu's platform hosts over 50 wellness benefits and has been adopted by over 2,000 enterprises. Prior to this, the company had collaborated with Citibanamex to integrate into the bank's retail app, thereby providing earned wage access to 5 million payroll clients.
 
</div>

minu

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