SUMA Wealth Receives $2 Million in Additional Funding
SUMA Wealth, the leading financial technology company for U.S. Latino youth, announced today it has received an additional $2 million pre-seed round of funding, bringing the total to $3.3 million. In addition, SUMA has reached several major milestones in the expansion of its platform for wealth building and financial tools in order to meet community demand, including the acceleration of its AI-enabled financial applications, and new partnerships to power it. Funding will be used to expand SUMA’s technical capabilities and grow headcount, which will better position SUMA to meet its goal of eradicating the Latino wealth gap.
The funding round announced today during Hispanic Heritage month was once again led by Samara Hernández, founding partner at Chingona Ventures, with participation from Marcos Gonzalez at Vamos Ventures, the Kwanza Jones & José E. Feliciano SUPERCHARGED Initiative, Miriam Rivera from Ulu Ventures, Ilse Calderon at OVO Fund, Gale Wilkinson at Vitalize VC, Anna Barber at The Fund, Lorenzo Thione at Gaingels representing the LGBTQIA+ community, and other notable investors. SUMA’s cap table is 77% female and 72% Latinx.”The SUMA cap table looks like the SUMA community,” said Samara Hernández. “We’re proud to reflect that diversity and invest in founders that don’t fit the traditional mold.” She continued, “SUMA’s CEO and co-founder Beatríz Acevedo has surpassed initial success metrics focused on user engagement and growth. Levels that mainstream financial brands can only dream of — and she’s done it by knowing how to speak to Generation Z and Millennial Latinos, the largest growing and most influential segment of the U.S. economy. Beatriz is a force of nature, truly understanding her core customers, and we are excited to continue to fuel her growth!”
In another milestone, today SUMA launched a free and comprehensive Financial Checkup that provides a snapshot of important financial wealth metrics with personalized smart suggestions so users can track growth and increase their proprietary SUMA Score, an intuitive measure of financial progress, including their net worth, debt to income ratio, emergency savings, budget, etc. The web application is live on www.sumawealth.com and the mobile app will be available for download next month in the Apple App Store and Google Play.
“We’re making it easy, fun, and in culture for users to grow their wealth,” said Acevedo. “Our financial products are for the community, from the community — they’ve been built from the ground up on their suggestions.” The Financial Checkup will first be available to the approximately 22,000 users who signed up for the waitlist in Q2, then roll out more broadly to SUMA’s rapidly expanding user base of over 300K.
SUMA has entered several strategic partnerships and integrations to increase the value of its financial capabilities to users, including MX, Heroku (owned by Salesforce), and Cyvatar.
MX will provide clean and enhanced data to allow users to view, manage, and grow their wealth. Heroku will support regulatory compliance through its data management and trust control software. Cyvatar will provide a comprehensive cybersecurity program, including strategy, execution, and resolution to ensure that app transactions are secure and user data is private.
Other partnerships that SUMA has secured recently include Morgan Stanley, Chase, Turbotax, Quickbooks, and Stockpile.
“Demand from the community has been extraordinary,” said Xavier A. Gutierrez, co-founder and chair of SUMA. “The waitlist, the rapid user growth, the extremely high engagement numbers — it all points to the thirst that young Latinos have for economic equity. SUMA is going to give them the comprehensive and relevant toolset they need to reach it.”