RecargaPay, a Brazil-based provider of mobile payment services, recently raised USD 70 million in equity. Founded in 2010, the firm offers a wallet app that facilitates retail payments and provides cash back on payments such as refilling mobile data plans, gas vouchers and prepaid television. While the standard cash-rebate program is free, users may pay BRL 19.99 (USD 3.56) per month to upgrade to “Prime+,” which increases the cash-back percentage.
RecargaPay CEO Rodrigo Teijeiro stated, “We’re committed to helping anyone, banked or unbanked, transact seamlessly with their smartphone, regardless of income levels or credit score…. 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.”
The lead investors in the equity raise were US-based Fuel Venture Capital and Spain-based Inversiones y Desarrollo de Centroamérica (IDC) Ventures. The other investors were the following venture capital firms: US-based ATW Partners, US-based Experian Ventures and Hong Kong-based Lun Partners. Experian Ventures is a unit of Experian PLC, an Ireland-based data provider with operations in 45 countries.
Founded in 2017 in the US state of Florida, Fuel Venture Capital targets “early and late-stage companies propelled by exponential technologies.” IDC Ventures focuses on insurance and financial technology.
In addition to São Paulo, RecargaPay has offices in Argentina and the US.
By Harriet Ritchie, Research Associate
Sources and Additional Resources
Crowdfund Insider press release
https://www.crowdfundinsider.com/2021/02/172556-brazil-based-mobile-payments-platform-recargapay-attracts-70-million-through-series-c-funding-round-co-led-by-idc-ventures-fuel-venture-capital/
RecargaPay homepage
https://recargapay.com.br/
ATW Partners homepage
https://www.atwpartners.com/
Experian Ventures homepage
https://www.experian.com/ventures/
Experian PLC homepage
https://www.experianplc.com/
Fuel Venture Capital homepage
https://fuelventurecapital.com/
IDC Ventures homepage
https://idcventures.com/
Lun Partners homepage
https://lunpartners.com/
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