With over 10 million virtual wallets and millions of transactions per month, the company is redefining mobile payments for unbanked & banked in Brazil
São Paulo, February 22, 2018 — RecargaPay, the mobile payments platform and wallet for Brazil, is pleased to announce it has raised US$22 million in Series B in order to fuel its mission to democratize mobile payments in the country. New investors include IFC, a member of the World Bank Group, TheVentureCity and Ventech. Notable entrepreneurs Fabrice Grinda and Martin Varsavsky and +100 angel investors through Angellist and FundersClub, as well as existing investors DN Capital and FJlabs, also participated in the round. Financial Technology Partners LP and FTP Securities LLC (“FT Partners”), served as exclusive financial and strategic advisor to RecargaPay in this transaction.
Founded by Rodrigo Teijeiro, Alvaro Teijeiro, and Gustavo Victorica, RecargaPay is focused on simplifying everyday payments for banked and unbanked consumers in Brazil, with over 10 million current wallet users today. The Company was recently nominated for “Best Support” in the Online Payment category at Época ReclameAqui’s 2017 Award and boasts an impressive 4.4 Google Play Store rating.
“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 or send money to a friend anytime and anywhere, with ease and at no extra cost” says Rodrigo Teijeiro, CEO of RecargaPay.
“We see in RecargaPay the kind of pioneer that wants to change the composition and competitive behavior of retail finance in Brazil and will change the financial behavior of its consumers. We are interested in companies that create value for their customers, that make it easier for them to perform daily chores and that bring down their cost of living. We know that these are the principles on which long term value is built, and we are happy to be with RecargaPay in this journey” said Andi Dervishi, Chief Investment Officer and Global Head of Fintech Investments for International Finance Corporation, the private sector arm of World Bank Group.
With this latest capital raise, RecargaPay will continue to grow its world-class team and focus on building products & technology that makes a big difference in the lives of many in Brazil.
“RecargaPay’s innovative mobile wallet solutions are improving the commerce experience for consumers across Brazil”, said Steve McLaughlin, FT Partners’ Founder & Managing Partner, “We’re very impressed with the management team’s ongoing achievements and look forward to working with the RecargaPay team on their strong upward trajectory ahead.”
RecargaPay is a financial technology company democratizing mobile payments in Brazil that has reached 10 million mobile wallets and millions of monthly mobile transactions. Its goal is to simplify daily transactions by focusing on seamless user experiences ranging from mobile top ups, transport cards, bill payments, gift cards and much more. Recargapay currently has 85 employees based mainly in Sao Paulo and Rio de Janeiro, with additional offices in Buenos Aires and Miami. The company has built a world class payment, wallet and anti-fraud technology platform tailored for the opportunities and complexities of the Brazilian market. In 2016, RecargaPay was part of Mastercard StartPath Programme and is one of the top ranked financial services apps on Google Play and App Store.