PayPal's venture arm joins group to invest USD 15 million in Ume

Delivering its services through Pix, Ume intends to capitalise on the increase of Buy Now, Pay Later solutions in Brazil, with the firm currently providing its consumer financing services via 6,000 businesses that reach nearly 220,000 consumers. By offering BNPL services as part of its seller collaborations, Ume underlined that 85% of purchases via the solutions were conducted by repeat consumers, as per the information detailed in the official press release. Also, using Pix enabled Ume to advance its development strategy, with the firm increasing its merchant user base and repeat customer count since integrating the system.

Moreover, implementing Pix for its services is set to allow Ume to offer flexibility for payment options to consumers while equipping merchants with an additional way to support their users. The company enables both merchants and consumers to create accounts, with businesses having to pay a fee for purchases using Ume credit while consumers mostly pay interest on instalment transactions. Representatives from Ume mentioned that developing infrastructure on the Pix rails allows their firm to offer small and medium-sized enterprises (SMEs) a suite of financial products that they can in turn offer to their customers.

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