SAN FRANCISCO, October 18, 2022 (Newswire.com) –
Fintech startup Snowball Wealth has announced the launch of a next-generation money advisor in the form of a mobile app that offers an online community, social challenges and AI-powered planning to help users get out of debt and then start investing.
Snowball is a Latina-founded company focused on financial education and planning for individuals with under $250K in net worth. Because 90% of financial decisions are driven by emotion, the mobile app emphasizes community and financial wellness as a way to more effectively stick to goals and build habits. The vision is to create the most affordable financial advisor platform to accelerate the debt-to-wealth process.
The co-founders of the company have over 10 years of experience in technology and finance. Tanya Menendez is a Goldman Sachs and Google alum who previously grew a technology company from an idea to seven-figure revenue and 200,000 business users. Pamela Martinez is a Stanford CS alum who previously led engineering teams at high-growth startups Seesaw and Clever.
“If you’re not in control of your finances, it’s hard to think about anything else,” Menendez said. “This is particularly felt by Latinos, whose financial stability often has huge ripple effects for the entire family. In the United States, Latinos have $0.05 in net worth compared to $1 held by the majority of their white male counterparts.”
“Snowball Wealth is creating a new class of investors like Bianca Gras, who has saved over $20,000 since joining and is now actively investing, or Rosi Baez, who used Snowball to pay off $15,000 in credit card debt in less than a year and now investing too.”
The company has raised $1.6 million from several prominent Silicon Valley investors, including Ulu Ventures, The Community Fund, Bumble Fund, Goodwater Capital and Google for Startups, as well as angel investors such as Rafael Garcia, co-founder of Clever, Eliana Murillo, Co- founder of Tequila Alquimia, Shivani Siroya, founder of Tala.
“It’s not enough to make money, it’s about how much we save and invest in ourselves and future generations,” said Eliana Murillo, an angel investor and co-founder of Tequila Alquimia. “My community at Latinas Who Brunch has wanted a solution like this for years, and I’m thrilled to see that Snowball is already helping Latinas and all of their users get out of debt and onto a path to building generational wealth. I invested in Snowball Wealth because there are millions of people becoming financially secure but struggling with debt or starting to invest – making this a billion dollar opportunity. Snowball will transform our communities for generations to come.”
Source: Snowball Wealth
