Foley & Lardner LLP recently represented Ume, a Brazilian payment services provider that caters to small and mid-sized merchants, in its $15 million funding round led by the venture arm of PayPal. NFX, Globo Ventures, and Clocktower Ventures were also part of the investment group.
Delivering its services through Pix, Ume intends to capitalize on the increase of Buy Now, Pay Later solutions in Brazil, with the firm currently providing its consumer financing services to 6,000 businesses that reach nearly 220,000 consumers. By offering BNPL services as part of its seller collaborations, 85% of purchases through the solutions were conducted by repeat consumers.
Ume plans to use the funding to bolster its sales, marketing, and technology infrastructure and to support its expansion into new markets. Additionally, the investment will fund the improvement of its Pix capabilities, the Brazilian real-time payments system.
The Foley team was led by partner André Thiollier and included associates Talita Duarte and Trevor Mullin.