Welcome Tech, a digital platform aiming to provide immigrant families in the US with services to help them thrive, has raised $30m in funding.
The injection of capital follows an oversubscribed $35m Series B round in April 2021. This capital was raised exclusively from existing institutional investors including TTV Capital, Owl Ventures, SoftBank Group Corp’s SB Opportunity Fund, Mubadala Capital, and Next Play Capital, bringing Welcome Tech’s total funding to date to $70m.
In 2021, Welcome Tech’s primary consumer platform, SABEResPODER, experienced 60% year-over-year growth, surpassing three million registered users. Welcome’s digital wallet and banking services for the immigrant community saw 2,200% growth and surpassed one million app downloads.
Welcome said the funding will enable further expansion of its product offerings and diverse team, to support the growth of its digital wallet and subscription healthcare programme, and to bolster the launch of its credit card product in the second half of 2022. The company has also expanded it board of directors and executive team with additional hires.
Ross Darwin, at Owl Ventures, said, “The impact Welcome Tech’s platform has on the lives of millions of people is profound. The innovative team is making a major difference in lives with critical educational resources and differentiated, valuable services. We’re excited to be a part of Welcome Tech’s continued hyper growth.”
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