Celcoin, a pioneer in the financial technology sector of Banking as a Service (BaaS), has disclosed a $125 million investment by Summit Partners, a global growth equity investor. John Coughlin, a financial technology executive previously employed by Corpay and Innova Capital, an existing investor, also participated in the Round. The objective of this new funding is to fortify Celcoin's position in the BaaS and embedded finance markets by supporting its expansion and innovation endeavors. Banks, fintechs, and enterprises utilize Celcoin's financial infrastructure services, which emphasize lending, banking, and payments. It utilizes technology to provide personalized embedded finance solutions to over 400 financial industry customers and over 5,000 non-financial companies.
The company established in 2016, has exhibited substantial growth, reporting $63 million in annual recurring revenue in Q1 2024, a 140% increase from the previous year. The reliability of Celcoin's platform is underscored by the fact that it processes more than 200 million Pix transactions monthly. Celcoin CEO Marcelo França stated, "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." Whereas Summit Partners, established in 1984, concentrates on growth investments, collaborating with prominent businesses and executives to expedite their expansion. Their investment in Celcoin is indicative of their confidence in the company's ability to continue to foster innovation in the fintech sector.
