Brazil-based mobile payments platform RecargaPay announced on Wednesday it secured $70 million through its Series C funding round, which was co-led by IDC Ventures and Fuel Venture Capital with participation from ATW, LUN Partners, and Experian. The funding round comes less than three years after Recarga raised $22 million through its Series B investment round. RecargaPay has raised more than $100 million to date.
As previously reported,RecargaPay states it is a mobile payments platform and wallet for Brazil that is focused on simplifying everyday payments for banked and unbanked consumers in Brazil. It was founded by Rodrigo Teijeiro, Alvaro Teijeiro, and Gustavo Victorica. Rodrigo, who is also CEO, previously stated:
“We’re committed to helping anyone, banked or unbanked, transact seamlessly with their smartphone, regardless of income levels or credit score.Everyone should be able to pay their bills, recharge a prepaid phone, a transport card, gift card, send money to a friend anytime and anywhere, with ease and with no additional costs.”
RecargaPay reported that its digital wallet solutions have served Brazilians of all income levels, evidence that traditional payment systems have not comprehensively addressed broad consumer needs and wants. The COVID-19 pandemic has notably boosted demand for RecargaPay’s platform, with the microloan segment in Brazil growing more than 500% in 2020 alone. Speaking about the investment round, RecargaPay founder and CEO, Rodrigo Teijeiro, stated:
“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.”
RecargaPay is planning to use the funds to enable additional recruiting for its team from around the world.