Carey Olsen advises Ume on US$21 million Series B funding round
Carey Olsen has advised São Paulo-based fintech Ume on its US$21 million funding round led by Valor Capital Group and Bewater.
Ume will use the funding to expand its Payment Network, built on Brazil's instant payment system PIX. Ume's PIX-enabled Payment Network is a comprehensive AI-powered platform designed to help merchants to develop and scale their credit businesses, providing them with access to new profit avenues, multi-credit offerings and integrated loyalty and marketing solutions.
The funding, which saw participation from existing investors such as PayPal Ventures, NFX, Globo Ventures, Canary and Big Bets, will allow Ume to strengthen its technology, AI infrastructure, and commercial capabilities across Brazil. It has so far tripled its Gross Merchandise Value ("GMV") to more than R$500 million annualised volume, doubled its client base, and surpassed 1 million processed transactions, and is expected to reach R$1 billion in annualised GMV during 2025.
The Carey Olsen Cayman Islands corporate team advising Ume on the transaction comprised partner Trevor McCabe and senior associate Evan Stitt, alongside onshore counsel Foley & Lardner LLP.
Trevor McCabe commented: "In recent years, Carey Olsen's team in the Cayman Islands have proudly supported a number of transformative technology businesses that are reshaping Latin America's modern financial system, and we are excited to see Ume move into the next stage of its journey. The company's strong growth trajectory, innovative approach and expanding market reach have been recognised by global investors, marking another key milestone in its expansion."
