Welcome Tech raises $30M in funding to grow its digital platform for immigrants

Welcome Tech raises $30M in funding to grow its digital platform for immigrants

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Welcome Tech Inc., a startup that provides a digital platform for the immigrant community, on Thursday announced that it has raised $30 million in funding.

The funding was provided by a group of existing investors. TTV Capital, Owl Ventures, SoftBank Group Corp’s SB Opportunity Fund, Mubadala Capital and Next Play Capital were among the participants in the round. The startup has raised a total of $70 million since launching in 2010.

Los Angeles-based Welcome Tech is building a digital platform for immigrants that includes several services spanning multiple product categories. The first service, SABEResPODER, is a community platform for the Hispanic community that provides users with the linguistically and culturally relevant resources to thrive in a new country. Welcome Tech says that the platform has more than three million registered users.

Welcome Tech expanded its product portfolio in 2020 with the launch of a digital wallet app. The app provides bilingual bank accounts that have no monthly maintenance fees and include a free debit card. 

According to Welcome Tech, its digital wallet surpassed one million downloads in 2021 after experiencing 2,200% growth. Revenue from the app reportedly jumped 2,800% in the same time frame. The startup didn’t share absolute revenue numbers but detailed that users have opened more than 500,000 bank accounts to date. 

Last year, Welcome Tech expanded its product portfolio with the  launch of a third service. The startup introduced a monthly subscription that gives users access to unlimited telemedicine consultations with Spanish-speaking doctors, as well as discounts of 10% to 85% on medication and 10% to 50% on dental services. Welcome Tech said that the service has achieved 50% quarter-over-quarter growth over the past year.

“We’re excited to see our investors recognize that our business model and technology give us the unique ability to deliver a major breakthrough in this market,” said Welcome Tech co-founder and Chief Executive Officer Amir Hemmat. “Welcome Tech is also proud to have one of the most diverse Boards and teams in tech. We intend to continue proving that our purpose and vision can improve customers’ lives, deliver sustainable business growth and attract the best talent in the world.”

Welcome Tech told TechCrunch that it has not yet achieved profitability and remains “focused on growth” following its latest funding round. As part of its growth plan, the startup is reportedly seeking to expand outside the U.S.

“Welcome Tech is building a powerful consumer platform and lifestyle brand. The company’s first-party data and proprietary technology is unmatched,” said TTV Capital co-founder and Partner Gardiner Garrard. “This information enables the company to personally cater its products and services in a way not many others can do.”

Image: Welcome Tech

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