SUMA Wealth, a California-based fintech company, has recently secured $2.2 million in new capital to further develop its financial tools and content, as well as live and digital activations. The company is dedicated to providing resources for young U.S. Latinos to effectively build wealth.
Key Takeaway
SUMA Wealth has secured $2.2 million in new capital to continue developing financial tools and content for young U.S. Latinos to build wealth. The company’s total funding now stands at $5.5 million, with a focus on providing in-culture financial content and personalized experiences.
New Investment and Partnerships
The investment was led by Radicle Impact, with contributions from Vamos Ventures, OVO fund, and the American Heart Association Impact fund. These new investors join previous backers such as Ulu Ventures, Female Founders Fund, and Chingona Ventures, bringing SUMA’s total funding to $5.5 million.
Company Background
Founded by Beatriz Acevedo, Mary Hernandez, and Xavier Gutierrez, SUMA Wealth aims to offer a financial app tailored specifically for the Latino community, a demographic that the founders believe is often overlooked. The platform provides in-culture financial content, products, and experiences to empower users and help them build wealth. Additionally, SUMA Wealth collaborates with financial institutions like Morgan Stanley, JP Morgan, and Wells Fargo to engage with the Latino demographic.
Personalized Financial Solutions
The company heavily emphasizes the use of AI features to personalize how users manage their finances. Acevedo highlighted the importance of tailoring the platform’s features, tone, and content to align with the diverse backgrounds of its user base.
Expanding Reach and Revenue Growth
SUMA Wealth’s platforms have experienced a significant 62% annual user growth, reaching 1 million users. The company has also witnessed a nearly fivefold increase in revenue over the past year. Furthermore, the app has garnered unexpected interest from non-Latino users, with 30% of its user base falling outside the Latino community.
Future Plans and Acquisitions
The recent funding will support the acquisition of Intellecto, a learning management system aimed at enhancing the user learning experience. Additionally, the company plans to make new hires across engineering, product, and sales departments, while also focusing on expanding its technology offerings for more AI personalization, data, and analytics.
Monetization and Enterprise Offerings
While the app remains free for users, SUMA Wealth has started monetizing its partnerships with various brands and offers a subscription-based enterprise app for companies. The company’s revenue growth and strategic acquisitions demonstrate its commitment to providing tailored financial solutions and personalized experiences for its expanding user base.
