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Brazilian Fintech Celcoin Announces US$125 Million Investment Led by Summit Partners

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Brazilian Fintech Celcoin Announces US$125 Million Investment Led by Summit Partners
News

News

Brazilian Fintech Celcoin Announces US$125 Million Investment Led by Summit Partners

2024-06-18 23:01 Last Updated At:23:10

SÃO PAULO--(BUSINESS WIRE)--Jun 18, 2024--

Celcoin, a leading company in the Banking as a Service (BaaS) financial technology market, today announced a US$125 million investment led by global growth equity investor Summit Partners. Summit has a long history of partnering with market-leading fintech companies, including EngageSmart (NYSE: ESMT), Corpay (NYSE: CPAY) and Calypso Technology. Existing investor Innova Capital is also participating in the round, along with experienced financial technology executive John Coughlin, a former senior executive with Corpay. The new funding will support Celcoin’s expansion plans as the company works to continue delivering new and innovative products to strengthen its leadership position in the BaaS and embedded finance market.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240617472638/en/

Founded in 2016, Celcoin provides financial infrastructure services and solutions for banks, fintechs, and enterprise companies. Focused in three key verticals – payments, banking, and lending – Celcoin’s offerings are designed to enable personalized embedded finance solutions for companies across any segment and stage of development. With over 400 customers in the financial industry and more than 5,000 non-financial companies, Celcoin combines market-leading technology, product innovation, and best-in-class security to support customers in building financial offerings that serve the needs of their end-consumers.

Brazilian financial technology is among the most advanced in the world. In recent years, the Central Bank of Brazil has introduced groundbreaking innovations, including the instant payment system Pix, which was launched in October 2020. Pix transaction volume skyrocketed from zero to 5 billion monthly transactions in just four years. In 2021, the Central Bank introduced Open Banking, and over 22 million customers have already consented to share their data between participating financial institutions. Celcoin has become the leading provider of Open Banking solutions for licensed institutions.

“Celcoin's technology allows banks, fintechs and non-financial companies to introduce their own financial products and embed financial services directly into their ecosystems. We see this as the future of the financial sector, and we are excited to be part of this transformation,” says Celcoin CEO, Marcelo França. “With this funding, we plan to accelerate our investments in technology and innovation as well as evaluate both organic and M&A-driven growth opportunities.”

“Over the last several years, we’ve worked to identify technology companies that we believe are supporting economic development in Brazil through financial empowerment of the Brazilian consumer,” commented Alberto Reyes, an investor with Summit Partners. “We believe we have found such a company in Celcoin, and we are confident that our investment will continue to bolster this mission.”

This financing comes at a time of strong momentum for Celcoin, with the company recording US$63 million in annual recurring revenue in the first quarter of 2024 – a 140% increase compared to the same period last year. Celcoin processes over 200 million Pix transactions monthly, underscoring the robustness and reliability of their platform. In addition to the ongoing development of in-house products, Celcoin has successfully completed four strategic acquisitions since 2022: Galax Pay, specializing in billing and sub-acquiring solutions; Flow Finance, which provides credit infrastructure; Finansystech, a leading Open Finance startup; and most recently, Reg+, a regtech solution dedicated to supporting regulatory compliance.

“It is truly a privilege to partner with the impressive team at Celcoin during this phase of exciting innovation and expansion,” said John Coughlin, an Executive-in-Residence at Summit Partners who will join the Celcoin Board of Directors. “We have been impressed by the scalability of their platform and speed of new product innovation. We look forward to supporting Celcoin as the company continues to expand in Brazil and throughout Latin America.”

Christopher J. Dean, a Managing Director at Summit Partners, and angel investor Michael Esrubilsky join Coughlin on the company’s Board.

Innova Capital, which invested in Celcoin’s two most recent funding rounds, also participated in this financing. “Celcoin provides a technological infrastructure that allows its clients to take advantage of some of the greatest tailwinds in the payments landscape in Brazil, such as bancarization, emergence of instant payment methods, and Banking as a Service. We are excited to continue to support the Celcoin team, and work alongside Summit Partners and the other shareholders,” said Marcel Vitor Santos, Managing Director of Innova Capital and Celcoin Board Member.

About Celcoin

Celcoin was founded in 2016 as a Banking as a Service technology provider for business customers. Celcoin provides banking, credit and payments solutions and has more than 6,000 business customers connected to its platform. Celcoin is a B Corp certified company with a distinct focus on building products that make a significant social impact by expanding financial access for all Brazilian consumers.
Find out more: https://www.celcoin.com.br/

About Summit Partners

Founded in 1984, Summit Partners is a growth-focused investor that seeks to establish partnerships with category-leading businesses and executives, providing the capital and resources to accelerate their growth. Summit invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare, financial services and other growth industries. A complete list of Summit investments can be found here. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please visit summitpartners.com or follow on LinkedIn.

Celcoin, from left to right: Yuri Carvalho, CFO, Bárbara Possignolo, Legal Director, Adriano Meirinho, CMO & Co-founder, Marcelo França, CEO & Co-founder and Thiago Zaninotti, CTO. (Photo: Business Wire)

Celcoin, from left to right: Yuri Carvalho, CFO, Bárbara Possignolo, Legal Director, Adriano Meirinho, CMO & Co-founder, Marcelo França, CEO & Co-founder and Thiago Zaninotti, CTO. (Photo: Business Wire)

President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election.

Meanwhile, Vice President Kamala Harris is being thrust into the most scrutinizing of spotlights, suddenly the leading candidate to succeed Biden as the presumptive Democratic presidential nominee and her party’s main hope of defeating Trump.

Follow the AP’s Election-2024 coverage at: https://apnews.com/hub/election-2024.

Here's the Latest:

Additional endorsements Monday, including Maryland Gov. Wes Moore, Michigan Gov. Gretchen Whitmer, Illinois Gov. J.B. Pritzker and Kentucky Gov. Andy Beshear, left a dwindling list of potential rivals to Vice President Kamala Harris as she moves to lock up Democratic delegates behind her campaign for the White House.

Winning the nomination is only the first item on a staggering political to-do list for her after Biden’s decision to exit the race, which she learned about on a Sunday morning call with the president. If she’s successful at locking up the nomination, she must also pick a running mate and pivot a massive political operation to boost her candidacy instead of Biden’s with just over 100 days until Election Day.

The Secret Service director is set to testify Monday before a congressional committee as calls mount for her to resign over security failures at a rally where a 20-year-old gunman attempted to assassinate former President Donald Trump.

The House Oversight Committee hearing will be Director Kimberly Cheatle’s first appearance before lawmakers since the July 13 Pennsylvania rally shooting that left one spectator dead.

Lawmakers have been expressing anger over how the gunman could get so close to the Republican presidential nominee when he was supposed to be carefully guarded.

As President Joe Biden was deciding to withdraw from the race Sunday morning, Vice President Kamala Harris had multiple phone conversations with him, according to a person familiar who spoke only on background to more freely divulge details.

Harris was at the vice president’s residence at the Naval Observatory in Washington. She was surrounded by family and staff and wore a hooded Howard University sweatshirt, workout sweats and sneakers, the person said.

She spent 10-plus hours Sunday placing calls to more than 100 party leaders, members of Congress, governors, labor leaders, and leaders of advocacy and civil rights organizations. Harris told all that she was grateful Biden endorsed her upon leaving the race but she planned to earn the Democratic presidential nomination in her own right.

The vice president also called her pastor, Amos Brown III, who, along with his wife, prayed over her.

Harris arranged lunch and dinner for assembled aides. They ate afternoon sandwiches and salad and pizza in the evening. Harris’ pizza had anchovies, which the person said is her go-to topping.

— Will Weissert

“The vice president is smart and strong, which will make her a good president,” Beshear said during a Monday morning appearance on MSNBC. “But she’s also kind and has empathy, which can make her a great president.”

Beshear praised Harris’ resume as a former prosecutor and says she’s ready to assume the presidency. He says he’s willing to do everything he can to support her.

Asked if he’s open to potentially joining the ticket, Beshear said he loves his job as governor. “The only way I would consider something other than this current job is if I believed I could further help my people and to help this country,” he said.

Beshear defeated Trump-endorsed Republicans to win the governorship in 2019 and to win reelection last year in his Republican-leaning state.

Speaking on Monday to CBS, the West Virginia Democrat-turned-independent said “I don’t need that in my life.”

Manchin had been the latest senator to call for Biden to exit the 2024 race before Sunday’s announcement by Biden that he would do just that.

Manchin had already mulled a late-breaking 2024 White House bid of his own but said in February after a listening tour that he didn’t want to be a “spoiler.” As a Democrat, he had often bucked his own party’s leadership.

Luxembourg Foreign Minister Xavier Bettel praised President Joe Biden for his announcement that he’s ending his bid for reelection.

“It takes courage for a politician to say ‘I’m a bit old and I’m not capable of doing it anymore,’” Bettel said, describing it as a “courageous and difficult decision” by Biden.

Sen. Kirsten Gillibrand, a Democrat from New York, endorsed Harris and called her “an unwavering champion for families, workers and justice.”

Gillibrand, who ran against Harris in the 2020 Democratic presidential primary, said in a statement Monday that the vice president is “incredibly well-qualified, with experience as a prosecutor, as a lawmaker, and as a leader on the world stage.”

“Now is the time to unite,” the senator said. “VP Harris has the grit and toughness to beat Donald Trump and I’m eager to join her in this fight.”

ActBlue, the Democratic fundraising platform, announced that it had collected $46.7 million as of 9 p.m. ET from small-dollar donations for Vice President Harris’ campaign.

The Biden campaign and affiliated groups previously had about $96 million in cash on hand. The Republican National Convention, by contrast, reported a campaign fund of $102 million in June.

Donald Trump’s campaign has spent the last year and a half viciously attacking Joe Biden, ridiculing his policies, mocking his fumbles and relishing a rematch they felt they were winning.

But it has also spent weeks preparing for the possibility that he might exit the race, readying a bevy of attacks against Vice President Kamala Harris that it unleashed as soon as Biden made his stunning announcement Sunday that he would step aside.

Biden soon after endorsed Harris, who was quickly winning support from Democrats to be the party’s nominee.

The shakeup less than four months before Election Day lays out new challenges for Trump’s team, which had until recently been focused on contrasting the former president’s vigor and mental acuity with Biden’s.

Read more about the Trump campaign's pivot toward Harris.

The Democratic delegations of multiple states have decided to back Vice President Kamala Harris for the party nomination at next month’s national convention.

“Tonight, all 168 delegates of the North Carolina Democratic Party made history,” North Carolina party chair Anderson Clayton said in a post on the social platform X.

In South Carolina, party chair Christale Spain said in an email statement Sunday night that that state’s delegation met virtually. The vice president “has been fully vetted, and she has earned our unwavering support,” Spain said.

Harris received her first delegates earlier in the day from Tennessee, when the state party posted on X that its delegation voted during a meeting to back her.

Another state where the switch was made was New Hampshire, where the 25 pledged delegates voted unanimously Sunday night to endorse Harris.

The nation’s six Black state attorneys general threw their support behind Vice President Harris. In a statement on X, they laid out her qualifications and said she “has staunchly defended our right to choose and preserved our most sacred right to vote. There is no one more qualified to lead and continue to uphold the values of our great nation.”

The statement listed Letitia James, New York; Kwame Raoul, Illinois; Anthony Brown, Maryland; Andrea Campbell, Massachusetts; Keith Ellison, Minnesota; and Aaron Ford, Nevada.

FILE - Sen. Kamala Harris, D-Calif., speaks before the Senate Select Committee on Intelligence on Capitol Hill, June 13, 2017, in Washington. She's already broken barriers, and now Vice President Harris could soon become the first Black woman to head a major party's presidential ticket after President Joe Biden's ended his reelection bid. The 59-year-old Harris was endorsed by Biden on Sunday, July 21, after he stepped aside amid widespread concerns about the viability of his candidacy. (AP Photo/J. Scott Applewhite, File)

FILE - Sen. Kamala Harris, D-Calif., speaks before the Senate Select Committee on Intelligence on Capitol Hill, June 13, 2017, in Washington. She's already broken barriers, and now Vice President Harris could soon become the first Black woman to head a major party's presidential ticket after President Joe Biden's ended his reelection bid. The 59-year-old Harris was endorsed by Biden on Sunday, July 21, after he stepped aside amid widespread concerns about the viability of his candidacy. (AP Photo/J. Scott Applewhite, File)

Supporters of Republican presidential candidate former President Donald Trump and Republican vice presidential candidate Sen. JD Vance, R-Ohio, carry a sign before a campaign event, Saturday, July 20, 2024, at Van Andel Arena in Grand Rapids, Mich. (AP Photo/Carlos Osorio)

Supporters of Republican presidential candidate former President Donald Trump and Republican vice presidential candidate Sen. JD Vance, R-Ohio, carry a sign before a campaign event, Saturday, July 20, 2024, at Van Andel Arena in Grand Rapids, Mich. (AP Photo/Carlos Osorio)

Supporters of Republican presidential candidate former President Donald Trump and Republican vice presidential candidate Sen. JD Vance, R-Ohio, hold signs in the audience at a campaign event, Saturday, July 20, 2024, at Van Andel Arena in Grand Rapids, Mich. (AP Photo/Carlos Osorio)

Supporters of Republican presidential candidate former President Donald Trump and Republican vice presidential candidate Sen. JD Vance, R-Ohio, hold signs in the audience at a campaign event, Saturday, July 20, 2024, at Van Andel Arena in Grand Rapids, Mich. (AP Photo/Carlos Osorio)

Republican vice presidential candidate Sen. JD Vance, R-Ohio, arrives to speak before Republican presidential candidate former President Donald Trump at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

Republican vice presidential candidate Sen. JD Vance, R-Ohio, arrives to speak before Republican presidential candidate former President Donald Trump at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

Republican presidential candidate former President Donald Trump speaks at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

Republican presidential candidate former President Donald Trump speaks at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

Republican presidential candidate former President Donald Trump arrives at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

Republican presidential candidate former President Donald Trump arrives at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

Mattia Crovino, of Bologna, Italy, watches a news broadcast announcing that President Joe Biden has dropped out of the 2024 race for the White House, Sunday, July 21, 2024,. (AP Photo/David Goldman)

Mattia Crovino, of Bologna, Italy, watches a news broadcast announcing that President Joe Biden has dropped out of the 2024 race for the White House, Sunday, July 21, 2024,. (AP Photo/David Goldman)

Anna Filipic, of Washington, holds her daughter Louisa Monje, 2, outside the White House in Washington, Sunday, July 21, 2024, as they show support for President Joe Biden. Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Susan Walsh)

Anna Filipic, of Washington, holds her daughter Louisa Monje, 2, outside the White House in Washington, Sunday, July 21, 2024, as they show support for President Joe Biden. Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Susan Walsh)

Republican presidential candidate former President Donald Trump speaks at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

Republican presidential candidate former President Donald Trump speaks at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

Republican presidential candidate former President Donald Trump arrives at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

Republican presidential candidate former President Donald Trump arrives at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

George Ledbetter watches news of President Joe Biden dropping out of the 2024 race for the White House at They Say Restaurant in Harper Woods, Mich., Sunday, July 21, 2024. (AP Photo/Paul Sancya)

George Ledbetter watches news of President Joe Biden dropping out of the 2024 race for the White House at They Say Restaurant in Harper Woods, Mich., Sunday, July 21, 2024. (AP Photo/Paul Sancya)

A news crawl appears on the side of the Fox News building in New York, Sunday, July 21, 2024, in the wake of President Joe Biden dropping out of the 2024 race for the White House. (AP Photo/Craig Ruttle)

A news crawl appears on the side of the Fox News building in New York, Sunday, July 21, 2024, in the wake of President Joe Biden dropping out of the 2024 race for the White House. (AP Photo/Craig Ruttle)

Republican presidential candidate former President Donald Trump speaks at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

Republican presidential candidate former President Donald Trump speaks at a campaign rally, Saturday, July 20, 2024, in Grand Rapids, Mich. (AP Photo/Evan Vucci)

A view of the White House is seen in Washington, Sunday, July 21, 2024. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Susan Walsh)

A view of the White House is seen in Washington, Sunday, July 21, 2024. President Joe Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Susan Walsh)

FILE - Vice President Kamala Harris embraces President Joe Biden after a speech on healthcare in Raleigh, N.C., March. 26, 2024. President Joe Biden dropped out of the 2024 race for the White House on Sunday, July 21, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Matt Kelley, File)

FILE - Vice President Kamala Harris embraces President Joe Biden after a speech on healthcare in Raleigh, N.C., March. 26, 2024. President Joe Biden dropped out of the 2024 race for the White House on Sunday, July 21, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Matt Kelley, File)

A handmade sign for Vice President Kamala Harris appears on a lawn, Sunday, July 21, 2024, in Washington. She’s already broken barriers, and now Harris could soon become the first Black woman to head a major party's presidential ticket after President Joe Biden’s ended his reelection bid. The 59-year-old Harris was endorsed by Biden on Sunday, after he stepped aside amid widespread concerns about the viability of his candidacy. (AP Photo/Jacquelyn Martin)

A handmade sign for Vice President Kamala Harris appears on a lawn, Sunday, July 21, 2024, in Washington. She’s already broken barriers, and now Harris could soon become the first Black woman to head a major party's presidential ticket after President Joe Biden’s ended his reelection bid. The 59-year-old Harris was endorsed by Biden on Sunday, after he stepped aside amid widespread concerns about the viability of his candidacy. (AP Photo/Jacquelyn Martin)

Balloons for President Joe Biden are brought to the White House in Washington, Sunday, July 21, 2024. Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Susan Walsh)

Balloons for President Joe Biden are brought to the White House in Washington, Sunday, July 21, 2024. Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Susan Walsh)

Hugh Kieve, 10, of Washington, holds a sign outside the White House in Washington, Sunday, July 21, 2024, as he and his family come out to show support for President Joe Biden. Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Susan Walsh)

Hugh Kieve, 10, of Washington, holds a sign outside the White House in Washington, Sunday, July 21, 2024, as he and his family come out to show support for President Joe Biden. Biden dropped out of the 2024 race for the White House on Sunday, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Susan Walsh)

FILE - President Joe Biden arrives for the NATO summit in Washington, July 10, 2024. Biden dropped out of the 2024 race for the White House on Sunday, July 21, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Jacquelyn Martin, File)

FILE - President Joe Biden arrives for the NATO summit in Washington, July 10, 2024. Biden dropped out of the 2024 race for the White House on Sunday, July 21, ending his bid for reelection following a disastrous debate with Donald Trump that raised doubts about his fitness for office just four months before the election. (AP Photo/Jacquelyn Martin, File)

FILE - Vice President Kamala Harris speaks at an event May 1, 2024, in Jacksonville, Fla. She’s already broken barriers, and now Harris could soon become the first Black woman to head a major party's presidential ticket after President Joe Biden’s ended his reelection bid. The 59-year-old Harris was endorsed by Biden on Sunday, July 21, after he stepped aside amid widespread concerns about the viability of his candidacy. (AP Photo/John Raoux, File)

FILE - Vice President Kamala Harris speaks at an event May 1, 2024, in Jacksonville, Fla. She’s already broken barriers, and now Harris could soon become the first Black woman to head a major party's presidential ticket after President Joe Biden’s ended his reelection bid. The 59-year-old Harris was endorsed by Biden on Sunday, July 21, after he stepped aside amid widespread concerns about the viability of his candidacy. (AP Photo/John Raoux, File)

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