Immigrant-focused fintech Welcome Tech raises $30m

Welcome Tech, a digital financial services and wellbeing platform for immigrants in the US, has raised $30 million in fresh funding.

Welcome Tech receives $30m in new capital

The cash was raised from existing institutional investors including TTV Capital, Owl Ventures, SoftBank Group Corp’s SB Opportunity Fund, Mubadala Capital and Next Play Capital.

The fundraise follows an oversubscribed $35 million Series B in April 2021 and brings the firm’s total capital raised to date to $70 million.

Welcome Tech’s digital platform provides the immigrant community in the US with banking and credit-building resources, as well as healthcare and education solutions.

The financing will enable the company to grow its workforce and expand its product range, including the launch of a credit card in the second half of 2022.

The cash will also support the growth of its digital wallet offering and subscription healthcare programme.

Alongside the capital raise, Welcome Tech appointed two new board members, Mónica Gil and Michael Camuñez.

Gil is executive vice president, chief administrative and marketing officer at NBCUniversal Telemundo Enterprises. Camuñez, a former White House special counsel to President Obama and US assistant security of commerce, is currently CEO of Monarch Global Strategies.

Welcome Tech claims its digital wallet and banking services saw 2,200% growth in 2021, with more than one million app downloads.