back Back

Mobile payments FinTech RecargaPay raises $70 mn in Series C funding

By Pavithra R

February 25, 2021

  • Brazil
  • Recargapay
Share

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.

Previous Article

February 25, 2021

NatWest upgrades open banking payments service – Payit

Read More
Next Article

February 25, 2021

Nuapay extends Open Banking payments for German and Italian banks

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

Brazil

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Vencora acquires CREALOGIX to expand its banking technology services

Read More

February 23, 2024

Axway to buy most of Sopra Banking Software activities for €330m

Read More

February 22, 2024

Kani Payments taps Pismo for data reconciliation and reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023