Story by Benjamin F. Kuo
For today’s interview, we spoke with Beatriz Acevedo, the founder and CEO of SUMA Wealth (www.sumawealth.com), a fintech startup based in Los Angeles. Beatriz told us all about SUMA Wealth. The company’s backers include Samara Hernndez, founding partner at Chingona Ventures, plus Marcos Gonzalez at Vamos Ventures, the Kwanza Jones & Jos E. Feliciano SUPERCHARGED Initiative, Miriam Rivera from Ulu Ventures, Ilse Calderon at OVO Fund, Gale Wilkinson at Vitalize VC, Anna Barber at The Fund, Lorenzo Thione at Gaingels, along with others.
For those who haven’t heard of your startup, what is SUMA Wealth all about?
Beatriz Acevedo: The short version is that we’re a financial technology company with the goal of building wealth for young US-based Latinos and eradicating the overall Latino Wealth Gap. We want to increase prosperity, opportunity and financial inclusion for this community.
The longer version is that Latinos have been excluded from the mainstream U.S. financial system for a long, long time, and we’re going to change that. We want to reach and teach Millennial and Gen-Z Latinos in ways that they’re going to respond to, that feel natural to them. We’re culturally relevant, not just financially relevant.
So we’re building tools that aren’t just useful, they’re actually interesting and engaging. Our content is entertaining and user-centric so that it inspires and empowers, not just informs.
And we’re all about community. You may have noticed that Latinos are very big on community and family. : ) So everything we do contributes to the SUMA community, and the SUMA community members can share it with their own families and communities.
Why is something like this needed in the market?
Beatriz Acevedo: Maybe a better way to put that is, how can something like this not already be in the market? How is it possible that it’s 2021 and we’re the only ones who recognize the financial potential of young Latinos and want to unleash it?
There are certainly financial companies that target Latinos, but to them we’re just another demographic. We see the people and the potential. And that potential is enormous. If U.S. Latinos were our own country, it would have the 8th-largest GDP in the world. We’re the engine of the US economy.
So we’re needed because increasing Latino wealth and opportunity grows wealth and opportunity for all Americans. It’s needed because Latinos haven’t had a seat at the table, and this is how we’re finally going to get to sit down at that table. It’s needed because young Latinos — …….