SUMA Wealth, a fintech dedicated to improving the financial wellbeing of young US Latinos, has acquired savings platform Reel.
As part of the merger, Reel co-founder and chief executive officer Daniela Corrente will take on the role of chief strategy and business officer at SUMA.
Corrente will join SUMA co-founders Beatriz Acevedo and Mary Hernandez, making it a solely Latina executive team.
The California, US-based fintech helps Latinos build wealth by making financial products and knowledge more accessible.
The acquisition will add Reel’s automated savings technology, grow SUMA’s collective usership by 80% and provide more data from its Latina user base.
This will double SUMA’s product offerings to include financial management tools, including Reel’s personalised savings technology, which should increase transactions and engagement on SUMA’s app.
Acevedo commented: “I’ve been a fan of Daniela and of everything she’s built at Reel for many years. It not only expands SUMA’s capabilities, it adds a visionary executive to our team.
“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.”
Corrente added: “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.”