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Welcome Tech, Which Wants To Build A ‘Super App’ For Immigrants, Raises $30M

Apr 14, 2022•over 3 years ago

Amount Raised

$30 Million

Software

Description

Immigrants to the United States face myriad challenges besides having to learn a new language. In many cases, they are dealing with a foreign and complex financial system, may struggle with finding adequate housing and health care and just generally feel lost.

Company Information

Company

Welcome Tech

About

The goal of its first offering, dubbed SABEResPODER (meaning Knowledge is Power in Spanish), is to serve as “a widely recognized and trusted resource” to members of the Hispanic community in the U.S., the company says.The company is today approaching 4 million registered and active users. From March 2021 to March 2022, the company says it saw a 2,200% increase in wallet growth. The company also offers a Rewards Center which offers a financial incentive for participating in surveys, an offering called FarmaSEP to help users save money on prescriptions and PODERSeguros, to help them obtain auto insurance. The company remains focused on growth and is not yet profitable, according to Hemmat.“We want to build an operating system for immigrants,” Hemmat said. While many companies are using digital advertising to attract customers, Welcome Tech also has an offline approach. In his view, Welcome Tech is the “category winner” in its space.“We see Welcome Tech being used as a Super App for this demographic, as we’re really well beyond financial products to the customer base

Funding Insights

Based on industry data
Tech investment trends
83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech