Betterfly, the Chilean health, insurance and benefits insurtech founded by brothers Eduardo della Maggiora and Cristóbal della Maggiora, acquired Minu, a Mexican corporate financial well-being startup, in an operation that would have closed for US$100 million. With this, it would be among the largest transactions between startups in Latin America and marks the ninth acquisition of Betterfly.
Minu was founded in 2019 by Nima Pourshasb, Rafael Niell and Paolo Rizzi, motivated by the lack of financial health of Mexican workers. The company offers more than 50 employee benefits, including salary advances, telemedicine and financial wellness tools, through a B2B2C model.
Today it has more than 2,000 business clients and one million users from firms such as Grupo Modelo, Liverpool, TelevisaUnivision, Coppel and Avis, employs 70 people and has raised more than US$50 million from investors such as QED Investors, Next Billion Capital Partners, Flourish Ventures and Endeavor Catalyst.
A purchase for complementarity
Eduardo della Maggiora, CEO of Betterfly, explained from Mexico City that the acquisition responds to the complementarity between both companies: “We are much more focused on physical, mental and emotional health than on preventive medicine. But we did not have the pillar of financial well-being so covered and Minu did.” He also highlighted Betterfly’s strategic interest in Mexico, a market in which they decided to deepen their presence two years ago.
Heading to the United States
The operation occurs in the midst of Betterfly’s preparations to enter the United States, where it already has teams in Silicon Valley and Miami. At the end of June they will begin a white march with brokers and insurers, and on January 1, 2027 the operation will formally begin.
Della Maggiora explained that today they have 20 people in the country and that in the next 12 months they hope to reach 50, after investing more than US$40 million in the last 18 months just for this opening. With this, the United States will join Chile, Mexico and Spain within Betterfly’s operations.
