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

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March 11, 2024, 2 min read

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.

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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.
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Image Source LinkedİN/a>

With a 62% annual user growth and a nearly fivefold revenue increase in the past year, SUMA Wealth plans to utilize the new funding for acquisitions, particularly for Intellecto, a learning management system aimed at enhancing user learning experiences. The company also eyes expansion in technology offerings, emphasizing AI personalization, data, and analytics. The funding will further support new hires across engineering, product, and sales, solidifying SUMA Wealth’s commitment to fostering financial inclusiveness and empowerment.

Source: Techcrunch
Main image Source: Suma Facebook Page
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