SUMA Wealth, WealthTech platform helping people build their financial future, has successfully secured an additional $2.2m in funding.
This recent capital injection is led by Radicle Impact, with contributions from Vamos Ventures, OVO Fund, and the American Heart Association Impact Fund, according to a report from TechCrunch. These investors join a prestigious group from previous rounds, including Ulu Ventures, Female Founders Fund, and Chingona Ventures, elevating SUMA Wealth’s total funding to $5.5m.
Founded by Beatriz Acevedo, Mary Hernandez, and Xavier Gutierrez, SUMA Wealth debuted at TechCrunch Disrupt 2022 as part of the Battlefield 200. The company’s mission is to address the often-overlooked financial needs of young U.S. Latinos by providing a financial app tailored specifically to this demographic.
SUMA Wealth offers culturally relevant financial content, products, and experiences designed to help Latinos harness their economic power and build wealth. The company also partners with major financial institutions like Morgan Stanley, JP Morgan, and Wells Fargo to further engage with the Latino community.
This fresh round of funding will be directed towards further acquisitions, like the recent purchase of Intellecto, a learning management system aimed at enhancing user learning experiences.
The capital will also support new hires across engineering, product, and sales departments, as well as the expansion of technology offerings for enhanced AI personalisation, data, and analytics.
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