Welcome Tech raises $35m in Series B funding round
Welcome Tech, which describes itself as “the world’s first digital platform providing immigrants and their multi-generational families with the ecosystem required to thrive in the US”, has closed a $35 million Series B financing round.
This brings the company’s total funding to date to $50 million. The latest round was co-led by TTV Capital, Owl Ventures and SoftBank Group Corp’s SB Opportunity Fund, with participation from Crosscut Ventures, Mubadala Capital, Next Play Capital and Owl Capital.
Welcome Tech has built its platform on proprietary technology and data, and now has nearly three million active users.
It says it “is building innovative solutions and offerings for this cohort, both in language and in culture, that demystify and create access to previously elusive opportunities such as financial, healthcare, and educational resources”.
The money will go towards expanding Welcome Tech’s portfolio of financial services to include a debit card and bilingual mobile app, and scale a monthly subscription offering “that provides users access to critical, yet highly discounted, resources”.
Amir Hemmat, co-founder, president and CEO of Welcome Tech, says that financial services and education are core to the company’s ecosystem. The goal is to create “a world where everyone can succeed anywhere”, he states.
Welcome Tech emphasises that “its commitment to improving the lives of immigrants and their families is deeply rooted in both the co-founders’ and the brand’s histories”. The company’s initial consumer-facing brand, SABEResPODER (which translates as “knowledge is power” from Spanish), provides educational resources to the Hispanic community in the US.
According to the Claritas 2020 data, the Hispanic market represents the largest minority cohort in the US, with a population of 62.8 million. Yet, less than half of Hispanic households are “fully banked”, meaning they cannot open an account.
“Our audience is central to US prosperity,” states Raul Lomeli-Azoubel, co-founder, chairman and chief community officer of Welcome Tech. “By leveraging our resources to better serve the Hispanic market, we empower a community that in turn, empowers our country.”