Brazilian banking as a service (BaaS) financial technology company Celcoin has secured an investment of $125m led by growth equity investor Summit Partners.

The fintech company’s existing investor Innova Capital also participated in the financing round along with financial technology executive John Coughlin.

Coughlin said: “It is truly a privilege to partner with the impressive team at Celcoin during this phase of exciting innovation and expansion.

“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.”

Celcoin aims to utilise the new capital to support the company’s expansion plans. The firm is working towards delivering new and innovative products to bolster its position in the BaaS and embedded finance market.

Established in 2016, Celcoin is a B Corp certified company. It offers financial infrastructure services and solutions for banks, fintechs, and enterprise companies.

The firm is engaged in developing products that make a significant social impact by expanding financial access for all Brazilian consumers. It has over 6,000 business customers connected to its platform.

Celcoin is focused on three key verticals, namely payments, banking, and lending. The company’s solutions allow tailored embedded finance solutions for companies across any segment and stage of development.

The Brazilian firm is also said to process more than 200 million Pix transactions every month.

Besides, Celcoin has completed four acquisitions since 2022. It includes Galax Pay, Flow Finance, Finansystech, and Reg+.

Celcoin CEO Marcelo França said: “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.

“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.”