Dealflow | October 3, 2024

Suma lands $3.8 million and acquires Mooch to promote financial inclusion for US Latinos

Lucy Ngige
ImpactAlpha Editor

Lucy Ngige

Suma Wealth, a fintech company in Los Angeles, wants to “spice up” sometimes dry topics of investment, debt management and wealth creation. Its app uses entertainment and culturally relevant content to boost financial literacy and inclusion among the US’s underserved Latino youth.

Suma has raised additional seed funding on top of a round led by Radicle Impact, an impact VC firm, earlier this year. The capital enabled it to complete the acquisition of AI-enabled “digital piggy bank” and budgeting app Mooch, based in Pacifica, Calif.

Suma acquired savings-focused fintech venture Reel last year, rolling Reel’s automated savings tech into its platform. Suma estimates that Latinos contribute $3.4 trillion to the US GDP. Reel co-founder Daniela Corrente, who joined Suma’s team, said “there are no financial platforms that give them full visibility into their financial lives in a culturally relevant way.”