Latino-focused Fortú rolls out with support from SoFi, LendingClub: Fortú will serve un- and underbanked US Latinos—and it has the opportunity to gain traction by initially targeting underserved consumers within a market of around 60 million Latinos.

Hispanic consumers have endured exceptional financial volatility—mostly bad—during the pandemic. Even in normal times, this population is a moving target, with its diverse components evolving in financial strength, degrees of acculturation, and digital engagement.

Proficiency in English is increasingly the norm among US Hispanics, as more and more of the population is US-born. But Spanish isn’t going away.

The Hispanic population’s collective purchasing power is large and will get larger. But marketers can’t ignore the fact that many Hispanic consumers’ finances have taken a severe hit during the pandemic. A rebound to pre-pandemic conditions would still leave Hispanics with below-average income and wealth.

Hispanics of any race will represent close to one-fifth. A 2019 report from the Selig Center for Economic Growth at the University of Georgia estimated that Hispanic consumers in the US will wield nearly $2 trillion in buying power by the end of 2023.