SAN FRANCISCO, October 18, 2022 (Newswire.com) - Fintech startup Snowball Wealth has announced the launch of a next gen money advisor in the form of a mobile app that offers an online community, social challenges, and AI-driven 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 has an emphasis on 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 tech company from an idea to 7 figure revenue and 200K business users. Pamela Martinez is a Stanford CS alum who previously led engineering teams at high-growth startups, Seesaw and Clever.
"If you don't have control over your finances, it's hard to think about anything else," said Menendez. "This is especially felt by Latinas, whose financial stability often has huge ripple effects for their entire family. In the US, Latinas hold $0.05 in net worth compared to the $1 held by their majority white male counterparts."
"Snowball Wealth is creating a new class of investors like Bianca Gras, who has saved over $20,000 after joining and is now actively investing, or Rosi Baez, who used Snowball to pay off $15,000 in credit card debt in under a year and is now investing as well."
The company has raised $1.6M from multiple prominent Silicon Valley investors including Ulu Ventures, The Community Fund, Bumble Fund, Goodwater Capital and Google for Startups, as well as angel investors like 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 Snowball already helping Latinas and all of their users to get out of debt and onto a path to build generational wealth. I invested in Snowball Wealth because there are millions of people who are becoming financially secure but are struggling with debt or getting started investing - making this is a billion dollar opportunity. Snowball will transform our communities for generations to come."
Source: Snowball Wealth