When Beatriz Acevedo thought she was out, a chance to start a business made her return to it.
The California-based company, which exhibited as part of the Battlefield 200, is designed for Latinos and offers in-culture financial content, products and experiences to help them gain control of their economic power and build wealth
The co- founder and CEO of Suma Wealth is Beatriz Acevedo.
The secret sauce is not in the language of the culture.
At the intersection of edtech and financial technology, Suma Wealth is doing innovative things. Master classes and boot camps on finance are included in some of the features. Proof of learning and attendance are used to certify people. Users get perks by collecting non-transferable token.
Users can understand the concept of credit in the Music Money Plaza. Users can learn about their finances with the help of the Credit Cocina. Users of a financial gym can speak with a debt expert in order tosweat out their debt. Users can chat or turn on their camera and get coaching in a non threatening way.
There are some free features with a subscription tier for the coaching in the app.
Acevedo is a different kind of early-stageentrepreneur. In her 50's, she started her career as a radio and television host and went on to start a company with her husband.
When the global Pandemic hit, she saw that Latinos were not only the hardest hit in terms of deaths, but also in terms of economic hardship.
After talking to financial institutions that told her that they were challenged in their ability to connect with young Latinos, she decided to start a company.
Even though they spend a lot of money, they are always an unimportant group. The biggest red flag for me was that fintechs didn't need to translate their website because their audience already speak English.
When she told them that, their immediate reaction would be one of shock and then relief, she said. She replied, "You probably are not touching them."
They don't feel like they belong in the money discussion. There is a huge discrepancy there.
JP Morgan Chase, Wells Fargo and Morgan Stanley are some of the large financial institutions that the company works with. Over the past two years, it has raised more than three million dollars. Suma Wealth is starting to raise money for its seed round and is adding an enterprise offering, according to Acevedo.
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She said that the first enterprise partnership would be with a wireless company. The company is talking to more than one company.
There are many partnerships that we are excited to have. We thought we'd be B2C, but saw so much demand for employee benefits that we're launching that model.
She believes that the problem is solved by the content and features of the company. The traction the company has seen so far is proof that it has a community of 615,000 unique users.
In addition, it recently completed a pilot with 2,000 users over a period of 90 days and calculated 72% growth in connected accounts within the last 30 days and that customers were returning 2.5 times per week.
800 people have completed the program and are spending an average of 60 minutes in the sessions. When it comes to click-through rates, 3% to 5% is considered a good number.
She said that this generation is asking for assistance. Who do you trust and who can we trust are the questions we get the most questions about. There is never a better time for us to exist, as Americans want to know how to protect their capital, and we are in an economy that is not only Latino but also American.
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