We report the confirmation and mass determination of a mini-Neptune transiting the M3.5\,V star TOI-4438 (G 182-34) every 7.44 days. A transit signal was detected with NASA's TESS space mission in the sectors 40, 52, and 53. In order to validate the planet TOI-4438\,b and to determine the system properties, we combined TESS data with high-precision radial velocity measurements from the CARMENES spectrograph, spanning almost one year, and ground-based transit photometry.
We found that TOI-4438\,b has a radius of $R_ b $\,=\,2.52\,pm \,0.13 R$_ (5<!PCT!> precision), which together with a mass of $M_ b $\,=\,5.4\,pm \,1.1 M$_ (20<!PCT!> precision), results in a bulk density of $ b $ (sim 28<!PCT!> precision), aligning the discovery with a volatile-rich planet.
Our interior structure retrieval with a pure water envelope yields a minimum water mass fraction of 46<!PCT!> (1sigma ).
TOI-4438\,b is a volatile-rich mini-Neptune with likely H/He mixed with molecules, such as water, CO$_2$, and CH$_4$. The primary star has a $J$-band magnitude of 9.7, and the planet has a high transmission spectroscopy metric (TSM) of 136\,pm \,13. Taking into account the relatively warm equilibrium temperature of $T_ eq $\,=\,435\,pm \,15 K, and the low activity level of its host star, TOI-4438\,b is one of the most promising mini-Neptunes around an M dwarf for transmission spectroscopy studies.