Onuu

All-in-one financial security platform combining life insurance, banking, and credit for underserved Americans

Customer Engagement Startup Seed

Overview

Onuu is a financial security and life insurance platform for consumers in the United States, specifically targeting the approximately 166 million Americans with thin credit files, lower credit scores, or limited access to traditional financial and insurance products. The platform bundles term life insurance, a savings account, a Visa debit card, and a credit card into a single mobile application available through a monthly subscription starting at USD 7.99.

The platform uses proprietary machine learning for underwriting decisions, replacing traditional medical exams by digitally accessing prescription records with customer consent for instant decisioning. Life insurance policies are issued by AAA Life Insurance Company. Banking services are provided through Evolve Bank and Trust. An AI-powered financial coach named Candi offers personalized recommendations based on user behavior, and a Financial Security Score aggregates income, expenses, savings, insurance, and financial behavior into a single wellness indicator.

Onuu raised USD 6M in a Seed A round in March 2022 led by Leap Global Partners, with participation from Ulu Ventures, SV LatAm Capital, JumpStart Ventures, Verso Capital, and Capital Factory Ventures. The company launched nationally across 45 U.S. states in September 2022 with over 600,000 members on its waitlist, with iOS availability on the Apple App Store and Android availability following in October 2022.

Products & Services

Onuu Platform (Mobile App)

An all-in-one mobile application combining life insurance, banking, savings, credit, and financial coaching for underserved consumers.

Key Features

Term life insurance with guaranteed eligibility and instant underwriting via prescription record access
Growth Saver savings account with 2% APY
Visa debit card for purchases without debt accumulation
Credit card with lines of USD 500-5,000 and rates starting at 19.9%
AI financial coach (Candi) with personalized recommendations
Financial Security Score based on ML assessment of income, expenses, insurance, and behavior

Target Users: Consumers with thin credit files, lower credit scores, or limited access to traditional insurance and financial services

Candi -- AI Financial Coach

AI-powered personal financial coach embedded in the Onuu platform, named after the CEO's grandmother.

Key Features

Personalized financial guidance based on user behavior and goals
Auto-budgeting and budgeting tools
Financial literacy resources
Integration with Financial Security Score

Target Users: Onuu platform subscribers

At a Glance

Founded: 2021
Headquarters: Austin, Texas, USA
Employees: 11-50
Funding: Seed

Category & Focus

Category: Customer Engagement
Subcategories: Embedded insurance financial wellness digital insurance distribution
Insurance Verticals: Life & Annuity
Target Customers: Consumers