TheVentureCity, the IFC and Ventech made a US$22m investment in RecargaPay, a Brazilian mobile payments platform, with participation from FJ Labs, DN Capital, and various angel investors (through AngelList and FundersClub).
(Press Release) 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.
Founded by Rodrigo Teijeiro, Alvaro Teijeiro, and Gustavo Victorica, the Company is focused on simplifying everyday payments for banked and unbanked consumers in Brazil. It boasts a stellar 4.4 Google Play Store rating and a proud nomination for “Best Support” in “online payment” category at Época ReclameAqui’s 2017 Award. 10 million current wallet users seem to agree.
“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 or a gift card, anytime and anywhere, with ease and with no additional costs,” 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.