Priya Patel
Key points:
- Fintech platform Suma Wealth has raised $2.2 million in new funding.
- Suma uses culturally relevant content and gaming to help Latinos build wealth.
- The company plans to use the funding to hire in engineering, product, and sales, and invest in AI and other technology and data analytics.
Fintech platform Suma Wealth has raised $2.2 million in new funding. The company, which combines culturally relevant content and experiences with financial tools to help Latinos build wealth, plans to use the funding to hire in engineering, product, and sales, as well as invest in AI and other technology and data analytics. Suma aims to reach young Latinos who have significant purchasing power and are often responsible for managing their families’ finances. The company delivers financial literacy through colorful, food-themed video and gaming content, which it believes connects with its users at an emotional level. Suma also partners with big banks to reach Latino customers and offers education programs for individuals and small-business owners. Along with the funding announcement, Suma revealed that it has reached 1 million users on its platforms and acquired Intellecto, a platform that personalizes users’ learning experiences.
Suma’s approach and content strategy have led to increased savings among its users. The platform’s users are largely young and female, with 80% of users belonging to Gen Z and millennials, and 65% identifying as female. Additionally, 70% of users are Latino. Suma’s content leans into Latino and pop culture, using food imagery to make an emotional connection with its users. The company reports that 70% of users have increased their savings, and more than half now have three months of emergency savings. Suma has also formed partnerships with enterprise companies such as Fidelity, Wells Fargo, and Verizon. The company generates revenue through a membership tier and lead generation, and sees itself as competing with other fintech companies such as MoneyLion, Rocket, and Cleo. Suma’s founders have extensive experience in the industry, with Beatriz Acevedo, who previously co-founded Mitú, Mary Hernandez, a former Mitú executive, and Xavier Gutiérrez, an investor, leading the company. Suma’s latest funding round was led by Radicle Impact and brings its total funding to $5.5 million.
