The Latine community deserves to be financially stable. But with so many systemic challenges against our community, it is difficult to achieve our financial goals. Still, it’s not impossible.
Our community is the fastest-growing demographic In the United States and it contributes greatly to the U.S. economy. However, the community is often overlooked, which has impacted its bottom line in many cases. But long gone are the days when we stayed on the sidelines. Change is coming and action is taking place.
SUMA Wealth, which is the leading financial technology company devoted to increasing prosperity, opportunity, and financial inclusion for young U.S.-based Latines, is doubling down on its mission. They’ve recently acquired Reel, a savings platform whose mission is to unlock a better financial future by showing people the potential of their own saved money.
As part of this merger, SUMA Wealth’s Co-Founders, CEO Beatriz Acevedo, and COO Mary Hernandez have added Reel Co-Founder and CEO Daniela Corrente to SUMA’s executive suite as Chief of Strategy and Business Development.
This is significant as this will be one of the first solely Latina executive teams to lead a fintech company in the United States. Talk about jefa moves!
“I’ve been a fan of Daniela and of everything she’s built at Reel for many years, so I’m incredibly excited about this acquisition. It not only expands SUMA’s capabilities, it adds a visionary executive to our team,” Acevedo said in an official statement.
Both the Reel and SUMA Wealth platforms provide beneficial resources for U.S. Latines. Reel makes it simple for people to automate their cash flow towards their goals, which can aid them in avoiding unnecessary debt. Meanwhile, SUMA deploys technology to build financial tools and products that are engaging, culturally relevant, and useful to the community as well as creates content that helps the community build wealth and control their financial future.
“Latinos contribute $2.8 trillion to America’s GDP, yet there were no financial platforms that gave them full visibility into their financial lives in a culturally relevant way. SUMA does that by creating community, content, and technology in a way that truly resonates with them.” Corrente said.
There’s Latina power written all over this merger
SUMA has now become the first to acquire a fellow Latina-founded financial technology company – this further showcases the value of our community. It has been said before and we will say it again: Latines’ power lies in their numbers. The more we continue to build together, the more people will see our grand potential.
It is expected for Reel to grow SUMA’s collective user-ship by 80 percent through their proprietary technology and access to data from their large Latino user base.
“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 added.
The Latina-led team is composed of first and second-generation immigrants, so they understand the importance of building wealth – and the struggles of that financial journey. Truly, there’s no one better to lead us.