SUMA Wealth, the category-creating financial technology company devoted to increasing prosperity, opportunity, and financial inclusion for young U.S. Latinos, announced its acquisition of savings and personal finance platform, Reel.
As part of the merger, Reel Co-Founder and CEO Daniela Corrente will become a part of SUMA’s executive suite as Chief Strategy and Business Officer. Corrente will join the Co-Founders CEO Beatriz Acevedo and COO Mary Hernandez, making this seasoned trio one of the first solely Latina executive teams to lead a fintech company.
“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.
The merging of the two companies creates an unprecedented partnership as SUMA becomes the first to acquire a fellow Latina-founded financial technology company, flipping the script and shattering glass ceilings. Latinos represent almost 20% of the US population but only hold 2% of all available technology jobs. This gives SUMA the ammunition to double down on their long-term mission to close the wealth gap, resolve fundamental inequalities, and tackle the unrealized $182 billion opportunity that US Latinos represent in Fintech and Edtech.
“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 added.
The newly formed executive team made up of Acevedo, Corrente and Hernandez brings a unique lens to this industry as first and second-generation immigrants who experienced the very obstacles Suma is taking on firsthand. By tapping into their shared personal experiences and innovating through culturally relevant solutions, SUMA can offer financial education to the Latino community; create the largest, most relevant financial hub for U.S. Latino consumers; and accelerate development of a robust platform where brands and financial institutions gain access to one of the fastest growing demographics in the United States.
The acquisition of Reel provides their groundbreaking proprietary technology, loyal users that will grow SUMA’s collective usership by 80%, and access to data from their large Latino user base. This will double SUMA’s offerings to include financial management tools including Reel’s proprietary algorithm that suggests multivariate savings plans based on a number of factors that are personal to each user and other resources that will lead to more transactions and greater engagement within the SUMA app.
“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.
SUMA is a dedicated financial culture-forward platform devoted to helping Latinos build wealth by making financial products and knowledge more accessible, allowing them to take ownership of their financial future. The Reel acquisition will make these efforts more effective for more people.