Onuu

About Onuu

Onuu operates as a financial technology company with a mission to provide financial security for Americans of modest means. The company was co-founded in 2021 by Felix W. Ortiz III and Ryan Wuerch, two serial entrepreneurs. The inspiration for Onuu stemmed from Ortiz's grandmother, Candi, who faced difficulties navigating the U.S. financial system after moving from Puerto Rico, motivating Ortiz to create more accessible financial tools.

The firm targets the estimated 166 million Americans who are often excluded from traditional financial services due to factors like credit scores or income levels. Onuu's business model is centered around a monthly membership that provides access to an integrated suite of financial products through a single mobile application. This includes life and accident insurance, checking and savings accounts, debit cards, and budgeting tools. Revenue is generated from these monthly membership fees.

The platform's core offering is an all-in-one mobile app that combines banking and insurance. A key feature is its use of machine learning to underwrite and personalize products, moving beyond traditional data points to create a more inclusive system. Every member is guaranteed an offer of life or accident insurance. The app also features an AI-powered financial coach named "Candi," which provides personalized advice and helps users improve their financial literacy. Additionally, Onuu calculates a proprietary "Financial Security Score" for each member, offering a holistic view of their financial well-being by analyzing income, expenses, savings, and insurance. The company has established partnerships with major players like Visa, AAA Life Insurance Company, and SCOR to support its product offerings. In March 2022, Onuu secured $6.25 million in a Series A funding round led by Leap Global Partners, with participation from Ulu Ventures, Capital Factory, and others. One source indicates the company was acquired by Rev Worldwide in 2023, while another lists it as out of business as of July 2023.