Ume raises $15M in Series A

Ume, a Brazilian BNPL that leverages Pix, the instant payment platform created by Brazil’s Central Bank, raised $15M in a Series A round led by PayPal Ventures. Ume also secured a $20M credit line from the Federal Deposit Insurance Corporation.

With the funds, the BNPL will expand into new regions and enhance its instant payment system capabilities. 

“Our vision is to create a next-gen payment network on Pix rails, providing Brazilians flexible payment options while helping thousands of SMEs grow,” said Berthier Ribeiro, cofounder and CEO of Ume.

Founded in 2011, Ume offers a buy now, pay later service through 6,000 Brazilian merchants, reaching over 220,000 consumers. In 2023, Ume integrated Brazil’s Pix payment system, driving a fivefold increase in merchants and reducing defaults by 33%. Repeat customers now account for 85% of purchases.

“By building its infrastructure on public Pix rails, Ume can scale quickly by instantly onboarding new merchants and consumers, as well as expanding product offerings, allowing certain consumers to shop with merchants outside Ume’s network, both online and offline,” said Ian Cox, investment partner at PayPal Ventures.

43% of Brazilians use Pix daily, while 29% use credit cards and 21% use cash.

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