Brazilian PayTech Ume Raises $15 Million in Series A Funding

Ume, a payment network and merchant services platform in Brazil, has successfully raised $15 million in Series A equity funding. This funding round, led by PayPal Ventures, saw participation from NFX, Globo Ventures, Clocktower Ventures, Big Bets, FJ Labs, Endeavor, and Norte Ventures.

Additionally, Ume secured a $20 million debt facility from Verde, Wersten Asset, Itaú, Credit Saison, and Milenio. The funds will be directed towards scaling Ume's operations, focusing on sales, marketing, and technological advancements to support its expansion into new regions and bolster its Pix-based payment capabilities.

Ume's BNPL (Buy Now, Pay Later) service is notably popular in Brazil, with approximately 71% of Brazilian consumers utilizing installment purchases, according to Serasa Experian. Ume's platform, integrated with Pix-a rapidly growing mobile payment system in Brazil-has seen impressive growth, expanding its merchant base five times faster and achieving higher consumer repeat rates while reducing default rates by 33%.

CEO Berthier Ribeiro highlighted Ume's vision to build a next-generation payment network that offers greater flexibility and supports the growth of Brazilian SMBs. The company is also working on enhancing its Pix-first payment network, which has enabled it to rapidly onboard new merchants and expand its product offerings.