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The Latino-White Wealth Gap Is Staggering. Can this Startup Fix It?
The Latino-White Wealth Gap Is Staggering. Can this Startup Fix It?
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Even as the Latino middle class grows, the wealth gap persists. A typical white family has five times more wealth than its Latino counterpart.Suma was founded nine months ago by CEO Beatriz Acevedo with the goal of bridging Latinos' wealth gap. This week, it announced that it raised $2 million to expand its operations and launch mobile apps next month. Read more...
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Suma CEO Beatriz Acevedo says the company is prioritizing digital expansion because its main audience is millennials and Generation Z – young Latinos aged 28 to 35. She says many of those younger users can also encourage their older family members to also get on the app. Part of the Suma strategy is to target potential new homeowners and teach them valuable financial literacy skills to help protect their investments.
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