![]() ![]() Ultimately what we want to be is a consumer’s transactional platform of choice.” And so a lot of these service providers may be a partner for us down the line. “For us, it’s really about being that ‘Super App’ for the immigrant consumer, and so much more than a single service. The executive says he’s “proud” of the fact that there are more players focusing on this demographic. Using the data it has collected over the years to drive the services it offers has helped significantly drive down its customer acquisition costs, Hemmatt said. and we delivered that by investing heavily in education and building a portfolio of content for the immigrant consumer.” “Our branded platform is all about being a resource and trusted partner to the American consumer. ![]() “One way we’ve outpaced others on user acquisition is by taking a bet on education when nobody else would,” he said. For example, it partners with embassies and consulates across the country, and has a “proprietary” ability to have access – and generate growth – from those locations, according to Hemmat. While many companies are using digital advertising to attract customers, Welcome Tech also has an offline approach. 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. That subscription service saw 50% quarter over quarter growth between Q1 2021 through Q1 2022, according to Welcome Tech. There is no requirement for health insurance, all immigration statuses are accepted and the offering includes bilingual customer service. For example, subscribers have access to consultations with Spanish-speaking doctors “whenever they need it,” discounts of 10%-85% on medication and 10%-50% on dental services. In January of 2021, it launched a monthly subscription offering that gives users access to discounted resources such as medical and dental professionals. To date, Welcome has opened over 500,000 “fee-free” and bilingual banking accounts for the Hispanic community, according to Hemmat. Meanwhile, revenue generated from the digital wallet was up 2,800% during the same timeframe. Welcome Tech co-founder, CEO and president Amir Hemmat says his company’s initial approach was different than others in the space in that rather than launch a banking product and then set out to earn the trust of the community it aims to serve, it first “worked hard to earn that trust and understand the community’s needs.”įrom March 2021 to March 2022, the company says it saw a 2,200% increase in wallet growth. For example, Houston-based Fair raised $40 million last year and its multilingual digital bank and financial services offering is too focused on immigrants TomoCredit, which has developed a credit card focused on building credit history for first-time borrowers, raised $17 million in 2021 First Boulevard raised $5 million for its digital bank aimed at the Black and LatinX communities and Cheese secured $3 million for its digital bank that is aimed at primarily serving the Asian-American community In recent years, a number of digital banks have emerged to focus on specific demographics in the U.S. Joining TTV in doubling down on their investment in the company were Owl Ventures, SoftBank’s Opportunity Fund, Mubadala Capital and Next Play Capital. TTV Capital led Welcome Tech’s latest capital infusion, which brings the company’s total raised to date to $70 million since its 2010 inception. The raise follows the L.A.-based company’s $35 million Series B in April 2021, which was co-led by TTV Capital, Owl Ventures and SoftBank Group Corp.’s SB Opportunity Fund. Welcome Tech, a startup aiming to build “an operating system” for immigrant families in the U.S., has raised $ 30 million in new capital to help these individuals not only adjust to – but feel comfortable and “thrive” in – their new environment.īuilt by immigrants for immigrants, Welcome Tech wants to do just what its name indicates - help immigrants feel more welcome, have an easier transition and achieve greater success when moving to the U.S. 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 feeling lost. Immigrants to the United States face myriad challenges besides having to learn a new language. ![]()
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