Suma Wealth, a Los Angeles CA-based financial technology company for U.S. Latino youth, raised $2m in Pre-Seed funding, bringing the total to $3.3m.
The round was 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 and Lorenzo Thione at Gaingels representing the LGBTQIA+ community.
The company intends to use the funds to expand technical capabilities and grow its headcount.
Led by CEO Beatríz Acevedo, and Xavier A. Gutierrez, co-founder and chair, Suma Wealth is a financial technology company focused on increasing prosperity, opportunity, and financial inclusion for young, U.S.-born Latinos. Its innovative approach deploys technology to build financial tools that are engaging, culturally relevant, and useful to the community.
The company also announched the launch of 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.
Suma has also entered several strategic partnerships and integrations to increase the value of its financial capabilities to users, including MX, Heroku (owned by Salesforce), and Cyvatar. Other partnerships that the company has secured recently include Morgan Stanley, Chase, Turbotax, Quickbooks, and Stockpile.