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...
Here's what else we're reading in the news:
- SiriusXM is partnering with Audio Up, an L.A.-based podcast production company.
- Coinbase is launching its own NFT marketplace to buy and sell ethereum-based digital collectibles.
- DroneBase, an L.A. aerial imaging company, has named former EnerNOC/Enel X executive Jason Buck as its senior vice president of sales.
- Amazon says it will allow its tech and corporate employees to work remotely indefinitely.
- Online auto dealer Vroom is acquiring Newport Beach-based United Audio Credit Corp. to expand its customer base.
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.
A founder of the now-defunct Vine app is targeting TikTok's content creators with a new video app to help them make money easier. On Tuesday, Clash rolled out new features that let anyone make money from videos regardless of follower count. The strategy is a response to companies including Instagram and YouTube, that require creators to be "verified" to earn any form of payment.
Three and a half years ago, it would have cost $85,000 and required eight technicians to turn yourself into a hologram. Today, it takes one technician to be present in each studio. Reporter Decerry Donato takes ARHT Media's hologram technology for a spin.
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