A UNDP (United Nations Development Programme) study indicates that while small and medium-sized enterprises (SMEs) in Latin America employ over 70% of the workforce, they contribute only 25% to the region's GDP. These businesses face inefficiencies in their operations, as they invest significant time and money in manual tasks, including financial processes, rather than concentrating on their primary goal of business growth.
Latin America is poised for a tech revolution. With AI technology, the region can jumpstart productivity and overcome its historical lag. This is especially true in business financial management, where outdated platforms from decades ago require extensive manual labor and lack essential insights for informed decision-making.
Enter Zumma.
Zumma is developing a CFO stack tailored for businesses by integrating tools they already use, like WhatsApp. Zumma envisions a future where business in LATAM benefits from an AI-based CFO assistant, enabling them to concentrate on their primary goal: growing their business.
Solving “Pain Points”
Zumma, launched in 2023 out of Mexico City, aims to make managing money easier for everyone. Leveraging proprietary algorithms, Zumma provides personal financial advice tailored to each business’s unique situation. The company discovered that businesses in Latin America face significant challenges in managing their finances, especially their expenses, and is dedicated to addressing these issues.
How Zumma Works?
Zumma offers a user-friendly platform designed to simplify finance management and business expense invoicing, all accessible through WhatsApp. The core feature of Zumma is “Zummi”, a financial assistant powered by artificial intelligence, which helps users manage their finances efficiently and accurately.
Zumma's platform allows users to manage their finances and automatically invoice their business expenses facilitated through WhatsApp, providing convenience and accessibility for users.
Automatic Expense Billing
Zummi handles the billing of your expenses using AI technology. Here's how it works:
- Send a Photo: Simply take a photo of your expense receipt and send it via WhatsApp to Zummi.
- Select Details: Choose the use of CFDI (Digital Tax Receipt) and the payment method you want to assign to your expense.
- Receive Invoice: Within minutes, Zummi processes the information and sends you the corresponding invoice.
This process eliminates the need for manual data entry and ensures accurate financial records.
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The Inspiration Behind Zumma
Marinella, one of Zumma's co-founders, shares an inspiring journey that led to the creation of Zumma. Originally from Venezuela and raised in Florida, she studied industrial and systems engineering at the University of Florida before launching her career on Wall Street with Goldman Sachs. Marinella's experience at Goldman Sachs, particularly her involvement in starting the consumer bank Marcus, ignited her passion for making financial services accessible to the masses. Reflecting on her motivation,
I realized that even though my family was composed of mostly entrepreneurs and small business owners, they had no idea what to do with their finances. - Marinella Piñate, Co Founder of Zumma
