SoftBank bets big on a 'digital Ellis Island'
Summary
The goal of its platform, dubbed SABEResPODER (meaning Knowledge is Power in Spanish), is to serve as “a widely recognized and trusted resource” to members of the Hispanic community in the U.S., the company says. Armed with knowledge and data that it has gathered over the years, Welcome Tech six months ago launched a banking service, including a debit card and bilingual mobile app. Gardiner Garrard, co-founder and partner, TTV Capital, points out that the Hispanic market represents the largest minority cohort in the U.S., with a population of 62.8 million. “That said, less than half of Hispanic households are ‘fully banked’, meaning they cannot open an account, which then negatively impacts their ability to secure other products or services,” Garrard said. We’re working to aggregate a historically fragmented audience and that gives us massive leverage to source better offerings, pricing and experiences for consumers across multiple categories.” The company plans to use its new capital to build more partnerships so that it can do the above, as well as spread awareness about its services.