Topics
late
AI
Amazon
Image Credits:DBenitostock(opens in a new window)/ Getty Images
Apps
Biotech & Health
clime
Image Credits:DBenitostock(opens in a new window)/ Getty Images
Cloud Computing
Commerce
Crypto
SUMA Wealth’s financial planning app.Image Credits:SUMA Wealth
Enterprise
EVs
Fintech
fundraise
gizmo
stake
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
secrecy
Robotics
surety
societal
Space
startup
TikTok
Transportation
speculation
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
video
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
SUMA Wealthnow has $ 2.2 million in new Washington to continue developing financial tools , content and live and digital activations for new U.S. Latinos to construct wealth .
Radicle Impact chair the investment with participation from Vamos Ventures , OVO investment firm and American Heart Association Impact fund . They fall in investors from previous rounds , admit Ulu Ventures , Female Founders Fund and Chingona Ventures . This brings SUMA ’s total funding to $ 5.5 million dollars .
We first profiled the California - based fintech companywhen it exhibited as part of the Battlefield 200 at TechCrunch Disrupt 2022 . Beatriz Acevedo started the company with Mary Hernandez and Xavier Gutierrez a few yr ago to work up a fiscal app designed for Latinos — a demographic she think is often overlooked .
It offers in - cultivation financial capacity , products and experience to help them gain control of their economic baron and build riches . SUMA Wealth also work with fiscal institutions , including Morgan Stanley , JP Morgan and Wells Fargo , looking to engage with the Latino demographic .
“ We really incline hard into the AI features to be able to highly individualize how you spend your money and how you’re able to do best , but also that our community come from so many dissimilar res publica of parentage , ” Acevedo recount TechCrunch . “ It was very important that even on the features , even on the tone and the spokesperson , even on the content that we do you for pedagogy on what you ’re trying to learn and accomplish , we do it in a way that is fully customized and personalized . ”
Suma Wealth helps Latinos build credit through gaming , in - cultivation cognitive content
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
That mean that if you ’re Venezuelan , the app knows that and uses references and instance of things that are familiar to that polish or uses a flavour similar to one of your family members , she explained .
In accession to the consumer app , Acevedo was also work on an go-ahead offering . That has since establish , as did a raw version of the app in December , and both of those entity have now touch 1 million user .
plainly , that personalization is enamor on with users . SUMA Wealth ’s program have ascertain 62 % annual user growth . The app continues to be free for substance abuser , however , the company is monetize its partnership with different brands , including dating app Match.com , or for features such as more personalized coaching . The endeavor app is also subscription - based for companies to buy for employee or their own customers .
And while Acevedo built SUMA Wealth for untested U.S. Latinos and their folk , what has surprised her is the adoption of the app by non - Latinos .
“ Thirty percent are not Latinos , even though our jest , our insights and our images are very unapologetically Hispanic , ” Acevedo said . “ This is a position where people feel welcome . We ’re excited to see that not just Latinos have gravitated to the app and line up our putz and our subject matter utile . ”
In accession to the client growth , SUMA Wealth ’s gross increase nearly five metre in the past year . It has also made some attainment : Intellecto , a learning management system to further personalize the substance abuser learning experience .
This followed the February 2023 acquisition of rescue and personal finance platform Reel . As part of that accomplishment , Reel carbon monoxide - laminitis and CEO Daniela Corrente joined SUMA as primary strategy and business officer .
Meanwhile , this new funding will go toward the Intellecto acquirement as well on new hires across engineering , product and sale . The company is also work on expanding its technology offer for more AI personalization , data and analytics .
Where top VCs are investing in fintech
