Mobile payments FinTech RecargaPay raises $70 mn in Series C funding
By Pavithra R
RecargaPay, Brazil’s largest payments and mobile money ecosystem, has announced securing $70 mn in Series C funding round to further enhance its all-inclusive payment platform, democratizing access to digital financial services for millions of new users.
The new investment has brought the company’s total investment to date to $100mn. The finance round was co-led by IDC Ventures and Fuel Venture Capital, with participation from ATW, LUN Partners, and Experian. The FinTech is planning to use the funding to expand its financial services offerings to SMBs and consumers, including further development of its popular subscription program Prime+.
“We’re proud to be helping so many people with their essential payments during a moment of crises and challenges, but we know the utility of our platform is long-term as even people with bank accounts continue to flock to RecargaPay for more seamless and convenient transactions. We look forward to further expanding our platform and bringing RecargaPay to a broader market with the support of our investors and our growing international team,” said RecargaPay founder and CEO Rodrigo Teijeiro.
Founded in Brazil in 2010, RecargaPay aims to provide a comprehensive and user friendly financial services ecosystem that would be accessible even to people who do not possess a bank accounts. Its mobile app allows users to apply for and get micro-loans; replenish their cell phone payment plans, city bus and metro accounts; send and receive money; buy gift cards; pay bills, and more. Users can also add money to their RecargaPay wallet through cash deposits in stores or by bank or card transfers. The firm has over 300 full-time employees in São Paulo, Miami, and Buenos Aires. The capital injection will enable additional recruiting of top talent from around the world.
“Access to loans, credit cards, and other forms of debt remains elusive for many in Brazil and other countries in Latin America, and the region’s digital payments infrastructure has historically been deeply fragmented – RecargaPay is a silver bullet that enables instant, cost-effective payments rails and access to credit for all Brazilians. I look forward to further scaling RecargaPay in 2021 to bring its robust ecosystem to many more people and small businesses,” said Bobby Aitkenhead, IDC Ventures Managing Partner and former PayPal executive.
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