LOS ANGELES, April 21, 2021 /PRNewswire/ -- Welcome Tech (or 'the Company"), the world's first digital platform providing immigrants and their multi-generational families with the ecosystem required to thrive in the U.S., today announced the close of a $35 million Series B financing round, bringing Welcome Tech's total funding to date to $50 million. The funding 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, a recognized and trusted brand in the immigrant community, supports this critical segment of the U.S., and is growing exponentially, serving nearly three million active users. The company 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.
Proceeds from the Series B financing will expand Welcome Tech's growing lineup 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.
"At Welcome Tech we are using our proprietary data and technology to build a platform that addresses critical needs of our immigration system and propels society forward. Financial services and education are core to our ecosystem," shared Amir Hemmat, Co-Founder, President & CEO of Welcome Tech. "We have secured world-class investors and hired a diverse and highly experienced team in order to achieve our goal of creating a world where everyone can succeed anywhere," added Hemmat.
Welcome Tech's commitment to improving the lives of immigrants and their families is deeply rooted in both the co-founders' and the brand's histories. Its initial consumer-facing brand, SABEResPODER, meaning Knowledge is Power, is a widely recognized and trusted immigrant platform in the U.S., providing educational resources to the Hispanic community. Welcome Tech evolves the SABEResPODER services model by building critical products and solutions to better address this expanding sector.
"Our audience is central to U.S. prosperity. We have a significant opportunity to improve the lives of Hispanics by providing them with our bespoke products and services, and we have a singular commitment to empower their success. By leveraging our resources to better serve the Hispanic market, we empower a community that in turn, empowers our country," added Raul Lomeli-Azoubel, Co-Founder, Chairman and Chief Community Officer, Welcome Tech.
"We are thrilled to partner with Welcome Tech on its mission to harness technology to propel immigrant success," said Gosia Karas, Investment Director and Head of Growth Stage Investments at SB Opportunity Fund. "Welcome Tech's goals are strongly aligned with our vision of expanding access and opportunity to overlooked communities, and we are excited to help the company's unique and talented team grow the business. We believe that Welcome Tech is the unparalleled leader in this space."
Welcome Tech's commitment, methodology, and solution suite are notably impacting the drive for financial inclusion of this underserved market, with the long-term goal of creating intergenerational wealth.
"The Hispanic market represents the largest minority cohort in the U.S., with a population of 62.8 million (Claritas 2020). That said, less than half of Hispanic households are 'fully banked', meaning they cannot open an account, which then negatively impacts their ability to secure other products or services. To not serve this community is a major failure. Welcome Tech is addressing this issue head on by providing best-in-class financial services.," said Gardiner Garrard, Co-founder and Partner at TTV Capital. "We are thrilled to co-lead their Series B investment and to assist in both vitalizing the Hispanic market today, while also redefining the U.S. immigrant experience of tomorrow," Gardiner added.
About Welcome Tech
Welcome Tech is the world's first digital platform to provide the global, multigenerational immigrant community with the linguistically and culturally relevant resources to thrive in a new country. Welcome Tech's unparalleled consumer insights, first-party data, and proprietary technology inform affordable, fair, and best in-market custom solutions across key services.
SOURCE Welcome Tech