Geopagos, the payment acceptance infrastructure that claims to have the most “comprehensive” omnichannel offering in LatAm, recently revealed that it has acquired $35 million in equity funding via a round led by Riverwood Capital, an international investor in high-growth tech firms, along with contributions from Endeavor Catalyst.
The investment round represents the firm’s very first institutional financing and should facilitate/support its ongoing expansion plan in Latin America while also boosting investments in its tech infrastructure.
Geopagos offers an infrastructure through which it implements comprehensive digital solutions for major financial institutions, Fintech firms, retailers and software firms, among others, that aim to launch or scale their payment acceptance services in the area.
The firm was launched back in 2013 by Sebastián Núñez Castro, Julián Lisenberg, Fernando Tauscher, Raúl Oyarzun and Damián Harburguer. As part of this latest investment, Alex Porto of Riverwood will be joining the Geopagos Board of Directors.
With an active presence in 15 different nations in LatAm, Geopagos’ infrastructure processes over 150 million transfers and over $5 billion in volume processed yearly.
Its customers reportedly include firms like Santander, BBVA, Itaú, Fiserv, Bac Credomatic, Niubiz, and Banco Estado de Chile.
Sebastián Núñez Castro, CEO and co-founder of Geopagos, stated:
“Since our inception we set out to make payment acceptance easier and more accessible, helping our customers launch successful and innovative products through a robust and comprehensive solution that can provide a superior consumer experience, generating customer loyalty. Throughout these years, we have built a consolidated and profitable business, and we are convinced that this was the opportune time to accelerate the growth of the business by expanding our infrastructure throughout Latin America and investing more in R&D.”
He added:
“We are excited to continue this new stage together with Riverwood, whom we consider the ideal partner, as it has a 15-year track record of supporting technology companies globally, a leading presence and reputation in the region, and is extremely selective with the destination of its investments.”
The capital raised will be directed towards the development of innovative products in order to expand Geopagos’ omnichannel proposition, along with supporting various payment acceptance options and opening its API platform for firms to speed up time to market.
Francisco Álvarez-Demalde, co-founder and managing partner of Riverwood Capital, remarked:
“Latin America is a market with very low card penetration and Geopagos is well positioned as a software enabler and infrastructure provider to boost card acceptance and digital payments across the region. We are excited to partner with this extraordinary team as they invest heavily to bring disruptive and trusted products to Latin America by consolidating the use of digital payments at a critical time of change for the region as more companies actively enter into the acquisition and integration of payments into their offering.”
