Onuu raises $6 million

Onuu, the Austin-based startup on a mission to provide financial security for those who don’t have it, has raised $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.

Founded in 2021, Onuu describes itself as a “personalized membership with access to life insurance, credit and savings.” The startup is focused on the lower middle market and it guarantees a life insurance policy for everyone beginning at $25,000 and up to $100,000. Onuu is currently in waitlist mode and it was founded by Felix W. Ortiz III and Ryan Wuerch. In March 2021, Wuerch sold his cash back startup Dosh to Cadlytics for $275 million in cash and stock.

“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 honor, it’s a responsibility.” – Felix W. Ortiz III, CEO and co-founder of Onuu.

“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. 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.” – Roman Leal, managing partner of Leap Global Partners.