202406 Feb

SUMA Wealth grabs $2.2M as its financial platforms reach 1M users

Summary

SUMA Wealth now has $2.2 million in new capital to continue developing financial tools, content and live and digital activations for young U.S. Latinos to build wealth.Radicle Impact led the investment with participation from Vamos Ventures, OVO fund and American Heart Association Impact fund. This brings SUMAs total funding to $5.5 million dollars.We first profiled the California-based fintech company when it exhibited as part of the Battlefield 200 at TechCrunch Disrupt 2022. Beatriz Acevedo started the company with Mary Hernandez and Xavier Gutierrez a few years ago to build a financial app designed for Latinos a demographic she believes is often overlooked.It offers in-culture financial content, products and experiences to help them gain control of their economic power and build wealth. SUMA Wealth also works with financial institutions, including Morgan Stanley, JP Morgan and Wells Fargo, looking to engage with the Latino demographic.We really lean hard into the AI features to be able to highly personalize how you spend your money and how you can do better, but also that our community comes from so many different countries of origin, Acevedo told TechCrunch. Were excited to see that not just Latinos have gravitated to the app and find our tools and our content useful.In addition to the customer growth, SUMA Wealths revenue increased nearly five times in the past year.

Source: Techcrunch

Funding

$2.2M
Amount
Feb 06 2024
Date
-
Investor
Suma Wealth
Company

Classifications

Companies