Radicle Impact Leads Investment Round with Participation from Vamos Ventures, OVO Fund, and American Heart Association Impact Fund
SUMA Wealth, a California-based fintech company, has successfully secured an additional $2.2 million in funding to continue developing innovative financial tools, content, and live and digital activations tailored specifically for young U.S. Latinos. This new investment brings SUMA’s total funding to $5.5 million.
Investors Join Forces to Support SUMA Wealth’s Growth
The latest round of funding was led by Radicle Impact, with participation from Vamos Ventures, OVO fund, and the American Heart Association Impact Fund. These investors join a diverse group of previous backers, including Ulu Ventures, Female Founders Fund, and Chingona Ventures.
Founders’ Vision for Inclusive Financial Solutions
SUMA Wealth was founded by Beatriz Acevedo, Mary Hernandez, and Xavier Gutierrez with a mission to create a financial app that addresses the unique needs of young U.S. Latinos. The company’s founders believe that this demographic is often overlooked in the fintech industry, which is why they set out to develop a platform that provides in-culture financial content, products, and experiences.
"We really lean hard into the AI features to be able to highly personalize how you spend your money and how you can do better," Acevedo explained during an interview with TechCrunch. "But also, our community comes from so many different countries of origin. It was very important that even on the features, even on the tone and the voice, even on the content that we serve you for education on what you’re trying to learn and accomplish, we do it in a way that is fully customized and personalized."
Personalization and Cultural Relevance
The app uses AI to provide users with personalized financial guidance and recommendations. This includes using references and examples from the user’s country of origin or cultural background. "If you’re Venezuelan, for example," Acevedo explained, "the app knows that and uses a tone similar to one of your family members."
Enterprise Offering and Customer Growth
In addition to the consumer app, SUMA Wealth has also developed an enterprise offering, which was launched recently. The company’s platforms have seen significant growth, with 62% annual user growth. Despite being free for users, SUMA Wealth is monetizing its partnerships with brands like Match.com and through subscription-based models.
Surprising Adoption by Non-Latinos
One of the most surprising aspects of SUMA Wealth’s success is the adoption of the app by non-Latino users. According to Acevedo, 30% of the app’s users are not Latino, despite the platform’s culturally tailored content and features.
"This is a place where people feel welcome," Acevedo said. "We’re excited to see that not just Latinos have gravitated to the app and find our tools and content useful."
Future Plans for SUMA Wealth
With this new funding, SUMA Wealth plans to continue developing innovative financial solutions that cater to the unique needs of young U.S. Latinos. The company aims to expand its platform and reach a wider audience, while maintaining its commitment to cultural relevance and personalization.
"We’re committed to making financial literacy accessible and inclusive for all," Acevedo said. "With this new funding, we’ll be able to further develop our tools and content to better serve the needs of our users."
Conclusion
SUMA Wealth’s success is a testament to the growing demand for fintech solutions that cater to diverse communities. With its commitment to cultural relevance and personalization, the company has created a platform that resonates with young U.S. Latinos and beyond. As SUMA Wealth continues to grow and expand its offerings, it will be exciting to see how this innovative fintech company shapes the future of financial literacy and inclusion.
