The startup offers a purchase credit platform that provides low-income consumers without bank accounts access to credit at retail points of sale, eliminating hidden fees and high interest rates. This enables consumers to achieve personal financial goals while allowing retailers to offer a secure, risk-free payment alternative.
Funding
$47.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many low-income consumers lack access to traditional banking services and credit, forcing them to rely on high-interest loans and potentially predatory financial products. This lack of access limits their purchasing power and ability to achieve financial goals. Retailers also face challenges in serving this customer segment due to the increased risk of non-payment.
Solution
Ume provides a purchase credit platform that extends credit access to underbanked consumers directly at retail points of sale. The platform offers a mobile application that allows consumers to apply for and manage their credit lines. Ume integrates directly with retailers, enabling them to offer a secure and accessible payment option to a broader customer base. Credit assessment and approval occur rapidly, allowing consumers to make purchases within minutes. The platform assumes the risk of non-payment, guaranteeing retailers receive the full purchase amount.
Target Audience
The primary target audience includes underbanked consumers seeking access to credit for retail purchases and retailers looking to expand their customer base and increase sales by offering accessible payment options.
Features
- Mobile application for credit application, management, and payment tracking
- Rapid credit assessment and approval process at the point of sale
- Integration with retail partners to offer credit as a payment option
- Risk management system that guarantees payment to retailers
- Options include a credit line, a "buy now, pay later" option via Pix, personal loans, and financing for larger purchases
- Customer service support via phone and email