SUMA Wealth, a California-based fintech company, has announced a significant milestone with $2.2 million in new capital raised to further enhance its suite of financial tools and services. The funding round was led by Radicle Impact, with participation from Vamos Ventures, OVO fund, and American Heart Association Impact fund, alongside existing investors such as Ulu Ventures, Female Founders Fund, and Chingona Ventures. This latest infusion brings SUMA’s total funding to $5.5 million.

Empowering Young U.S. Latinos

Founded by Beatriz Acevedo, Mary Hernandez, and Xavier Gutierrez, SUMA Wealth is dedicated to empowering young U.S. Latinos to achieve financial success. Recognizing the underserved nature of this demographic, Acevedo and her team set out to create a financial app tailored specifically to the needs of Latinos, offering culturally relevant content, products, and experiences to help them take control of their finances and build wealth.

The platform also collaborates with leading financial institutions such as Morgan Stanley, JP Morgan, and Wells Fargo to better serve the Latino community, leveraging advanced AI features to deliver personalized financial insights and guidance.

Personalized Financial Solutions

One of SUMA Wealth’s key strengths lies in its personalized approach to financial planning. By leveraging AI capabilities, the app delivers tailored recommendations and insights based on users’ cultural backgrounds and individual preferences. Whether it’s budgeting, investing, or saving, SUMA Wealth ensures that its users receive relevant and relatable guidance every step of the way.

Surprising Adoption Beyond the Latino Community

While initially targeted at young U.S. Latinos, SUMA Wealth has experienced unexpected adoption from non-Latino users as well. Despite its unapologetically Latino-centric content and features, the app has resonated with a diverse audience, with 30% of its user base comprising non-Latinos. This inclusive approach has contributed to the platform’s rapid growth, with a 62% annual increase in user numbers.

Continued Growth and Expansion

In addition to achieving significant user milestones, SUMA Wealth has witnessed a nearly fivefold increase in revenue over the past year. The company has also expanded its offerings through strategic acquisitions, including Intellecto, a learning management system, and Reel, a savings and personal finance platform. With this latest funding, SUMA Wealth plans to further enhance its technology infrastructure, expand its team across engineering, product development, and sales, and continue delivering innovative financial solutions to its growing user base.