LOS ANGELES, Oct. 29, 2020 /PRNewswire/ -- SUMA Wealth launches their 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, announced today on ? Latina Equal Pay Day ? 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.
"Chingona backs founders that have a unique understanding of growth markets," said Hernández. "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.
"Our community has massive size, and we'll have massive influence once we seize economic power," said Acevedo. "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," said Acevedo. "We see the overwhelming interest, and it's only going to grow from here."
"Young Latinos are the largest growth cohort and are entering their prime earning years," said Co-founder Xavier A. Gutiérrez. "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.
About SUMA Wealth
SUMA Wealth is a financial inclusion platform that inspires, informs, and empowers the Latino community with the vision to help close the wealth gap in our community by creating culturally relevant content, virtual experiences, and financial tools that reimagine financial wellness through education and entertainment. SUMA Wealth will become the trusted source for the Latino community to help them both overcome current financial challenges and better prepare for a more prosperous future.
CEO & Co-founder Beatríz Acevedo is a three-time Emmy award-winning producer, community builder, entrepreneur and philanthropist. She is a sought after keynote speaker and mentor to the next generation of Latino/a/x leaders. Her previous startup mitú continues to be the leading digital media brand for U.S. Latinx millennials. Beatríz sits on numerous boards and advisory boards lending her unique cultural insights to The LA2028 Olympics, Annenberg Foundation's PledgeLA, Delta Airlines, The Latino Community Foundation, Homeboy Industries, 9th Wonder, Latino Donor Collaborative, LA Collab, Pocketwatch and Encantos Media. She is also an advisor to the Mayor of Los Angeles, Eric Garcetti, as part of his Tech Council.
Co-founder and Board Chair Xavier A. Gutiérrez is an experienced dealmaker, investor and business executive who currently serves as the President, Chief Executive Officer and Alternate Governor of the Arizona Coyotes Hockey, the first Latino to lead an NHL franchise. He also sits on a number of corporate and non-profit boards, including Commercial Bank of California (the largest Latino-owned bank in California), the Arizona Community Foundation, the Aspen Institute Latinos & Society Program, and the Hispanic Scholarship Fund. Past ventures include Clearlake Capital Group (one of the largest diverse-owned private equity firm with $25B+ of AUM), Meruelo Group, Phoenix Realty Group, Latham & Watkins, and the National Football League, and previous board roles include the United States Hispanic Chamber of Commerce and the Securities & Exchange Commission Advisory Board for Small Companies.
SOURCE SUMA Wealth
SOURCE SUMA Wealth
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