SUMA Wealth launches  transformative financial inclusion platform targeting Latino community

SUMA Wealth launches transformative financial inclusion platform targeting Latino community

Published: 30-10-2020 14:16:47 | By: Pie Kamau | hits: 1031 | Tags:

SUMA Wealth launched its platform to engage, educate and empower U.S.-born Millennial Latinos, a community vital to the U.S. economy, in their fight for financial inclusion.

The effort is funded by an oversubscribed Pre-Seed round of extraordinary women investors. Samara Hernández, Founding Partner at Chingona Ventures, led the round with participation from Anna Barber and Raina Kumra at The Fund, Carmen Palafox at 2045 Ventures, Gale Wilkinson at Vitalize VC, Noramay Cadena at Portfolia Rising America Fund, Arlan Hamilton at Backstage Capital, Ilse Calderon at OVO Fund, Ivelisse Rodriguez Simon, and Lolita Taub. Funds will be used to grow the community and expand financial services capabilities.

Samara Hernández, Founding Partner at Chingona Ventures said: "Chingona backs founders that have a unique understanding of growth markets. That's Beatríz Acevedo, CEO & Co-founder of SUMA Wealth. She proved at mitú, her previous venture-backed company, that she can quickly engage and grow Latino audiences, the biggest growth market of them all."

SUMA Wealth's community of young Latinos are educated, English-speaking and the fastest-growing U.S. demographic with the most purchasing power, according to the Latino Donor Collaborative 2020 Latino GDP Report. Still, to date, they have not been empowered with commensurate financial knowledge. The SUMA Wealth platform enables them to create a more prosperous future for themselves and their families. It employs culturally relevant content, virtual experiences and financial tools to create financial wellness.

Beatríz Acevedo, CEO & Co-founder of SUMA Wealth said: "Our community has massive size, and we'll have massive influence once we seize economic power. We're no longer satisfied to be the community that spends the most but saves the least. We're going to build generational wealth for ourselves and our families, and SUMA is providing the tools and the education we need to do it. Prior to today's launch, SUMA Wealth had already demonstrated overwhelming interest from the community. We've got 20x the engagement of any other financial services offering as we come out of beta. We see the overwhelming interest, and it's only going to grow from here."

 Xavier A. Gutiérrez, Co-founder and Board Chair SUMA Wealth said: "Young Latinos are the largest growth cohort and are entering their prime earning years. The economic success of the United States and its recovery from the current pandemic rely on the economic empowerment of this community. We exist to provide that empowerment."

Financial wellness is particularly critical for women in this demographic, exemplified by today's observance of Latina Equal Pay Day. A new study by ThinkNow shows that 15% of Latinas agree that they "feel financially overwhelmed," and 18% agree that "it's confusing how best to manage/invest my money." According to the 2020 Economic Status of Latinas Report by Hispanas Organized for Political Equality, Latinas control the power of the purse in 75% of households. SUMA Wealth's unique connection to this audience will empower them.

Acevedo and Gutiérrez intend to build multigenerational wealth for Latinos. SUMA Wealth's goal is to bridge the wealth gap by placing a checking, savings, retirement and investment account in every Latino household in the U.S.