Suma Wealth helps Latinos build credit through gaming, in-culture content • TechCrunch
Just when Beatriz Acevedo thought she was out, was it a chance to start Soma’s fortune Pull it inside.
The California-based company, featured as part of Battlefield 200 at TechCrunch Disrupt, is designed for Latinos and offers financial content, products and culture experiences to help them control their economic power and build their fortunes.
“The ‘secret sauce’ in culture is not in language,” Acevedo told TechCrunch.
Suma Wealth sits at the intersection of education technology and financial technology and innovates in blockchain. Some of the features include Sumaversity with master classes and fundraising camps. It uses the blockchain to certify everyone by proof of learning and attendance. Users collect non-transferable (NTT) tokens and gain privileges.
There is also a Music Money Plaza where users can understand and build the concept of credit. Credit Cocina, an activity food truck, helps users learn about their finances through their favorite recipes. There is also a gym where Acevedo said users can “get out of their debt” by talking to a debt expert. Users can choose an avatar, chat or turn on the camera and get training in a “non-threatening way”.
The app is free to download, and there are some free features with a subscription tier for training.
Acevedo is not a typical early-stage entrepreneur. Now in her fifties, she started her career as a radio and television presenter and went on to found a company with her husband, Doug Greve, called mitú, a digital media brand for Latino youth in the United States. Between 2012 and 2020, the company raised $52 million in funding before Acevedo. and shovel He sold the company to Latido Networks.
Her plan was to move entirely into philanthropy and work based on her family, but Acevedo told TechCrunch that when the global pandemic hit, she saw that Latinos were not only hit hardest in terms of COVID deaths, but also economic hardship.
It wasn’t about starting a company that could solve this problem, but after speaking to financial institutions who had told her constantly that they had been challenged in their ability to connect with young Latinos, she decided to start Suma Wealth with Mary Herandez and Javier Gutierrez.
“No matter how much money Latinos spend, it’s always an afterthought,” Acevedo said. “Fintech companies can tell me that they have already translated their website, and that was the biggest caveat to me because they didn’t need to do it because their audience already spoke English.”
She went on to explain that when I told them, their immediate reaction would be surprise and then relief, saying, “We reach them through the public market then.” To which she would reply, “You probably reach for them, but don’t touch them.”
“They still don’t feel like they belong in this money conversation,” Acevedo added. “There’s just this big disconnect there.”
The company already works with large financial institutions including JP Morgan Chase, Wells Fargo and Morgan Stanley. It has also raised $3.3 million over the past two years. Acevedo told TechCrunch that Suma Wealth is just starting to raise funds for its initial tour and is adding an offering to the foundation.
It said its first corporate partnership with Verizon Wireless, which will offer Suma Wealth as a benefit to employees and customers. The company is also talking with other FMCG companies.
“We are excited to have all these partnerships,” Acevedo said. “We thought we were going to be B2C, but we saw so much demand on the enterprise side, that we launched this employee benefits model.”
Meanwhile, she believes that Suma Wealth is solving the problem of separation through its content and features. And the rush the company has seen so far is proof of that: It has a community of 615,000 unique users and is growing at 27% per month.
In addition, it recently completed a VIP trial with 2,000 users over 90 days and accounts for a 72% growth in connected accounts – with an average of 3.5 accounts – over the past 30 days and customers have been returning 2.5 times a week, which Acevedo notes has been Interesting, considering that Suma Wealth is still in the early stages of content development.
To date, 800 people have completed the bootcamp program and stay in Sumaversity sessions for an average of 60 minutes. The company is also seeing a CTR of 96.3%, a number that Acevedo is proud of, stating that when it comes to clickthroughs, 3% to 5% is a “good number”.
“This generation is asking for help,” she added. The two most important questions we receive are “Who do you trust?” And “Who do we trust?” Where are we in the economy today, not only Latinos, but Americans, wanting to know how to protect their capital, and there has never been a better time for us to exist than now.”