People from all walks of life strive to achieve financial success in the U.S., but folks in underrepresented groups often encounter extra roadblocks along the way. Fortunately, companies like SUMA Wealth are actively working to make the country a place of equal opportunity.
Targeting the Latinx community, SUMA is on a mission to make finances more relatable, accessible and simple to understand. The SoCal fintech company will expand its capabilities and reach with a new acquisition.
SUMA is joining forces with Reel, a savings and personal finance solution. According to SUMA, this merger is a first-of-a-kind partnership as both companies are spearheaded by women founders in the Latinx community.
Following the merger, Reel’s former CEO Daniela Corrente will join SUMA’s C-suite alongside CEO Beatriz Acevedo and COO Mary Hernandez. Corrente is taking up the mantle of chief strategy and business officer.
While the Latinx community comprises about 20 percent of the U.S. population, only 8 percent of Latinx individuals work in tech. With its new acquisition and its fully Latinx executive team, SUMA is addressing a sizeable market opportunity for Latinx individuals in the fintech and edtech sectors.
SUMA’s financial inclusion platform works to help its users build and sustain wealth by presenting materials in a culturally relevant way, according to the company. Its solution blends digital media, fintech and virtual experiences to make topics like investment and debt management more engaging and digestible. Offering educational content, a financial management app and more, the new merger will expand SUMA’s product even further.
“By bringing Reel’s technology, user data and industry-leading knowledge of consumer psychology to SUMA’s platform, we’ll significantly accelerate our product roadmap, giving our consumers new financial products and opportunities more quickly and more efficiently,” Acevedo said in a statement.
The newly conjoined company is currently integrating Reel’s tech into its solution. Its new features will include financial management tools such as Reel’s proprietary savings plans algorithm. Additionally, the deal will grant SUMA access to Reel’s user base and grow its platform’s users by 80 percent.
