SUMA Wealth: Empowering U.S. Latinos, $2.2m funding secured

TLDR:

SUMA Wealth, a WealthTech platform aimed at empowering U.S. Latinos in wealth building, has secured $2.2 million in funding. The funding round was led by Radicle Impact, with participation from Vamos Ventures, OVO Fund, and the American Heart Association Impact Fund. This brings SUMA Wealth’s total funding to $5.5 million. The company offers a financial app designed specifically for young U.S. Latinos, providing culturally relevant financial content, products, and experiences. SUMA Wealth also partners with major financial institutions to further engage with the Latino community.

Key points:

• WealthTech platform SUMA Wealth has raised $2.2m in funding to empower U.S. Latinos in building wealth.
• The funding round was led by Radicle Impact, with contributions from Vamos Ventures, OVO Fund, and the American Heart Association Impact Fund.
• SUMA Wealth debuted at TechCrunch Disrupt 2022 and offers a financial app tailored specifically to young U.S. Latinos.
• The company provides culturally relevant financial content, products, and experiences and partners with major financial institutions to engage with the Latino community.
• The funding will be used for acquisitions, hiring, and expanding technology offerings for enhanced AI personalization, data, and analytics.

WealthTech platform SUMA Wealth has secured $2.2 million in funding to empower U.S. Latinos in wealth building. The funding round was led by impact investor Radicle Impact, with contributions from Vamos Ventures, OVO Fund, and the American Heart Association Impact Fund. This brings SUMA Wealth’s total funding to $5.5 million.

Founded by Beatriz Acevedo, Mary Hernandez, and Xavier Gutierrez, SUMA Wealth debuted at TechCrunch Disrupt 2022 as part of the Battlefield 200. The company’s mission is to address the often-overlooked financial needs of young U.S. Latinos by providing a financial app tailored specifically to this demographic.

SUMA Wealth offers culturally relevant financial content, products, and experiences designed to help Latinos harness their economic power and build wealth. The company also partners with major financial institutions like Morgan Stanley, JP Morgan, and Wells Fargo to further engage with the Latino community.

The latest funding will be directed towards further acquisitions, such as the recent purchase of Intellecto, a learning management system aimed at enhancing user learning experiences. The capital will also support new hires across the engineering, product, and sales departments, as well as the expansion of technology offerings for enhanced AI personalization, data, and analytics.