Betterfly, the Miami-based insurtech and employee benefits company founded in Chile, announced on June 10, 2026 that it had acquired Minu, a Mexico City startup that sells financial wellness benefits to employers. Holland & Knight, which advised Betterfly, later described the cross-border deal as valued at approximately $100 million. Latam Fintech had reported the same figure from unnamed sources the day after the announcement.
The companies did not give a breakdown of the price or say whether it was paid in cash, shares or a mix. Refresh Miami reported that the combined business serves more than one million employees at more than 4,000 corporate clients in Mexico, Chile, Spain and the United States. Holland & Knight called the transaction one of the largest startup-to-startup acquisitions in Latin America's recent history.
Betterfly plans to add Minu's financial products, including earned wage access and financial education, to its existing health and insurance offering, according to Inforcapital. Minu co-founder and chief executive Nima Pourshasb and Betterfly founder and chief executive Eduardo della Maggiora both spoke publicly about the deal on the day it was announced.
What Minu built
Minu was founded in Mexico in 2019 by Nima Pourshasb, Rafael Niell and Paolo Rizzi, according to Inforcapital. It sells a benefits platform to employers, who offer it to their staff. Refresh Miami described its focus as financial wellbeing, delivered through earned wage access, insurance products, savings tools and flexible benefits. Holland & Knight's description also listed on-demand salary access and telemedicine.
Latam Fintech reported that Minu had more than 2,000 corporate clients, about one million users and 70 employees. Its named customers included Grupo Modelo, the department store chain Liverpool, TelevisaUnivision, Coppel and Avis. Pourshasb told Refresh Miami that the founders had set out to address the lack of financial wellbeing among millions of workers.
“When we founded Minu, we became obsessed with a deeply human problem: the lack of financial wellbeing for millions of workers. Joining Betterfly lets us take that mission much further – and now, to reach millions of people in the largest market in the world.”
Why Betterfly is buying
Betterfly was founded in Chile in 2019, the same year as Minu, and built its business around employer-paid health and wellbeing programmes combined with insurance. Speaking to Chile's Diario Financiero, as quoted by Latam Fintech, della Maggiora said Betterfly had concentrated on physical, mental and emotional health and preventive medicine, but had not covered financial wellbeing as well as Minu did.
He also said Betterfly had decided two years earlier to focus on fewer markets but go deeper in each of them. Mexico is one of those markets, and Minu gives Betterfly a much larger customer base there. Latam Fintech counted Minu as the ninth startup Betterfly has acquired.
The founders and the funding
Minu had raised more than $50 million before the sale, according to Latam Fintech, which named Next Billion Capital Partners, Flourish Ventures, QED Investors and Endeavor Catalyst among its investors. The report did not break the total down by round.
Law firm Carey Olsen's Cayman Islands corporate team, led by partner Trevor McCabe, advised Minu on the sale together with White & Case. McCabe said the firm had worked with Minu since it was founded and that the transaction reflected the growing maturity of Latin America's venture capital market. A Holland & Knight team in Mexico City, led by partners Selene Espinosa and Julia Velásquez, advised Betterfly.
A step toward the United States
The deal came as Betterfly prepared to enter the US market. Della Maggiora told Refresh Miami that the US had always been the plan and that the acquisition gave the company more financial resources for that launch. Betterfly, which has more than 200 staff, employed about 10 people in South Florida at the time and expected to roughly triple that number within six to twelve months.
Latam Fintech reported that Betterfly had invested more than $40 million in its US expansion over the previous 18 months and had offices in Silicon Valley and Miami. Della Maggiora said the company had 20 people in the US and expected to reach about 50 within a year. Inforcapital reported that pilot programmes with brokers and insurers were due to start in June 2026, with a full commercial launch planned for January 1, 2027.
The deal also came during a slow period for startup funding in the region. Refresh Miami noted that venture investment in Latin America remained well below the record levels of 2021 and 2022, and della Maggiora said the region's venture markets had been even more shut down than those in the US over the previous few years.
