Ume builds the credit infrastructure that lets retailers, marketplaces, and service companies offer financing directly to their own customers. Instead of a shopper needing to apply for a separate loan or a new credit card to afford a purchase, the store itself can extend the credit at checkout, with Ume handling the approval, pricing, collections, and customer service behind the scenes using artificial intelligence. The Brazilian fintech's platform is already live at 10,000 points of sale, reaching roughly 4 million consumers across the country.
Ume raised USD $96M through an FIDC, a Brazilian structured credit fund used to finance a company's receivables. Participants in the transaction included Itaú, Bradesco, Augme, Milenio, Verde, and Credit Saison.
Ume says the new capital could generate more than USD $192M in incremental revenue for the retailers, marketplaces, and service companies in its partner network, as the added financing capacity lets them extend credit to more customers at checkout.
