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 round of extraordinary women investors
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.
Media Contact
Nadia Gonzalez
Mobile: 917.656.5945
Email: nadia@encsquared.io
SOURCE SUMA Wealth
Related Links
https://sumawealth.com/
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SOURCE SUMA Wealth