SUMA Wealth Celebrates 1M Users Milestone with $2.2M Funding Injection

California-based fintech company SUMA Wealth has raised $2.2 million in new capital, led by Radicle Impact with participation from Vamos Ventures, OVO fund, and American Heart Association Impact fund. This brings SUMA’s total funding to $5.5 million, positioning it to continue developing financial tools, content, and activations tailored for young U.S. Latinos to build wealth.

Image Source SUMA Wealth pitch deck

SUMA Wealth, founded by Beatriz Acevedo, Mary Hernandez, and Xavier Gutierrez, focuses on providing in-culture financial content, products, and experiences to empower Latinos economically. The platform leverages AI features for highly personalized financial insights and education, considering the diverse backgrounds of its user base. Notable partnerships include engagements with financial institutions such as Morgan Stanley, JP Morgan, and Wells Fargo to better connect with the Latino demographic.

The company, initially showcased at TechCrunch Disrupt 2022, offers a consumer app and an enterprise offering, both reaching a milestone of 1 million users. While designed for young U.S. Latinos, SUMA Wealth has surprisingly attracted a 30% non-Latino user base, showcasing the app’s universal appeal and user-friendly approach. The app is free for users, with monetization strategies through brand partnerships, including Match.com, and subscription-based features like personalized coaching.

Image Source LinkedİN/a>

Source: Techcrunch
Main image Source: Suma Facebook Page
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