Culturally competent SHENIX fintech app empowers Latinas to create financial legacy

Financial industry expert Olga Camargo knows that in many Latina-led households, these women — in addition to being caretakers and community advocates — have the power of the purse strings when making financial decisions for their families and their businesses.

Because financial apps fail to prioritize the Latina cultural mindset, these women have difficulty finding financial and investment resources that speak to their culture and aids in building their own personal and professional wealth and prosperity.

Realizing there needs to be a solution to help Latinas achieve the next level, Camargo, with national leaders and business partners Juan Carlos Avila and Patricia Mota formed SHENIX, a fintech app designed for Latinas that makes wealth creation possible and helps close money gaps.

Camargo is the founder and CEO of SHENIX; Avila is co-founder and president; and, Mota is co-founder.

The easy-to-use, on-demand app provides financial educational, investing tools, banking services, career planning and salary negotiation resources, and investment advisory services through a unique digital experience that prioritizes the Latina cultural mindset. The app features many free benefits:

Budget

The built-in budgeting tool helps users gain a better understanding of their spending habits and identifies areas for improvement. It also encourages the practice of saving a percentage of income in a bank account and for retirement. Users can easily create new budgets whenever their salary changes, ensuring their financial plans are always up to date.

Financial education

The app provides access to a wealth of financial education resources, empowering Latinas with the knowledge and skills needed to navigate the complexities of personal finance. From basic concepts to advanced financial strategies, the SHENIX app offers comprehensive educational materials to ensure Latinas are well-prepared to make informed financial decisions. Some topics covered include emergency funds, life insurance, retirement savings, credit score, college savings, access to capital, and portfolios.

Career opportunities

Latinas can explore various financial careers through the app, providing a gateway to opportunities in the financial industry. SHENIX connects users with positions and resources that can help them advance their careers and achieve financial success.

Wealth planning tools for everyday Latinas and business owners

The app offers wealth planning tools tailored for everyday Latinas and business owners. Users can gain insights into their net worth, debt-to-income ratio, and other key financial metrics to make well-informed decisions regarding their personal and business finances.

English/Spanish-speaking career and financial advisers (optional, paid services)

Available to help with Roth IRAs, IRAs, SEP IRAs 401k, personal portfolios.

The idea for a tool was born out of Camargo’s frustration with what she witnessed working part-time as a high school student at her mother’s bridal shop in Chicago’s Little Village Mexican neighborhood. A financial consultant who only spoke English asked a young Camargo to translate his information for her mother. He then pitched directly to her while ignoring her mother.

“I realized Latinas were trying to make important financial decisions and they were struggling,” Camargo said. “Also, I saw that there were no resources to give these women access to financial information and guidance.”

Latinas experience the widest wealth gap in the United States, making 54 cents for every dollar paid to Caucasian men, according to the National Partnership for Women & Families.

The COVID-19 pandemic further aggravated this divide.

“We believe that without culturally compatible financial solutions, Latinas will be unable to ascend financially,” Camargo said.

Latinas represent $1.7 trillion purchasing power, $2.8 trillion GDP, and open businesses seven times faster than any other group in the U.S., Camargo said.

“We know firsthand the financial impact SHENIX will have on generational wealth within the Latinx community for decades,” Camargo said.

For more information, visit www.shenix.app.