Onuu Announces Inaugural List of Partners to Democratize Access to Financial Security for 166M Americans
Visa, AAA Life Insurance and SCOR join Onuu in bringing financial education and resources to Americans of modest means
AUSTIN, TEXAS–(BUSINESS WIRE)–Today, Onuu, an all-in-one banking and insurance solution, announced its first round of partnerships with some of the most innovative and trusted companies globally, including Visa and AAA Life Insurance. These partners are laying the foundation for Onuu’s offerings, which will include access to products and services for the approximately 166 million Americans currently underserved by the country’s financial system.
“At Onuu, we believe everyone deserves financial security, which was the impetus for starting the company. We built the platform with Americans of modest means in mind, leveraging machine learning to help ensure people have access to a more secure financial future,” said Felix Ortiz, CEO and co-founder of Onuu. “We know that working with like-minded brands who prioritize their customers’ financial well-being is critical to our success, and it is an honor to partner with marquee brands like Visa and AAA Life Insurance as we prepare to introduce Onuu nationwide.”
Onuu is designed with Americans of modest means in mind, offering a personalized membership with access to life insurance, credit and savings. Democratizing access to financial security is at the core of Onuu’s mission, and this inaugural list of partners represents the company’s commitment to advancing that vision for its members.
“We are thrilled to be partnering with Onuu as they pave the way in how people think of and approach financial security,” said Ankur Chaturvedi, Chief Operating Officer and Interim President at AAA Life Insurance. “This partnership will enable us to work together in helping Americans gain better, and more robust, access to financial protection for those they care about.”
Onuu’s platform is powered by artificial intelligence and machine learning to help change the way people gain access to financial products, services and education while creating a more personalized and accessible user experience.
“Expanding access to financial tools and services is core to Visa’s purpose – uplifting everyone everywhere – and we’re excited to work with companies like Onuu in bringing new solutions and approaches to this challenge,” said Vanessa Colella, SVP and Global Head of Innovation and Digital Partnerships, Visa. “By joining Visa’s Fintech Fast Track program, Onuu gains access to Visa’s scale, security, reach and network of partners, which can help rapidly growing fintechs get to market faster.”
SCOR, a Global Tier 1 reinsurer, and Onuu are collaborating on reinsurance solutions for Onuu’s offerings in support of these initiatives. “As a purpose-driven organization, we aim to reverse the widening savings and protection gaps. We are excited to collaborate with Onuu to increase financial literacy and accessibility, and enhance security with a digital, embedded approach,” said Manisha Dias, Vice President, Strategic Partnerships at SCOR.
Onuu will open up a waitlist on May 2, giving consumers the opportunity to become early subscribers and stay informed of the latest news around the launch. Those on the waitlist will then receive additional information about entering Onuu’s upcoming sweepstakes, open from May 2 through June 1 for the chance to win $25,000. Onuu will be launching the platform this summer with immediate plans to evolve its offerings, expand the team, further develop the technology and build out its partner network over the next six months.
This partnership announcement comes on the heels of Onuu’s $6 million 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 recently bolstered its seed investor base with a sizable investment from LAT VC, which invests exclusively in the innovation and growth of U.S. Latino-owned businesses and includes two former Fortune 500 CEOs, Sol Trujillo and Oscar Munoz. The capital and expertise of LAT VC will be directed towards Onuu’s technology and product development.
For additional information about Onuu, and to sign up for the waitlist, please visit https://www.onuu.com/.
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.
About AAA Life Insurance:
In 1969, AAA Life Insurance Company became a part of AAA, offering life insurance and annuity products. Headquartered in Livonia, Michigan, AAA Life is owned by several of the largest entities in the AAA organization. With over 1,600,000 active policies, many customers have relied on AAA Life to help provide financial protection for those they care about. AAA Life Insurance Company has an AM Best rating of A (Excellent) as of August 2021. This reflects our financial strength and positive outlook for the future.
SCOR, the world’s fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society. SCOR offers its clients an optimal level of security with its AA- rating or equivalent from S&P, Moody’s, Fitch and AM Best. The Group generated premiums of more than EUR 17.5 billion in 2021 and serves clients in more than 160 countries from its 36 offices worldwide.
For more information, visit: www.scor.com.