Brazil’s RecargaPay raises US$22M Series B round

RecargaPay, Brazil’s mobile payments platform and wallet, announced that they raised a US$22M Series B round led by TheVentureCity, the IFC, and Ventech, along with several angel investors through AngelList and FundersClub.

Among the other investors were entrepreneurs Fabrice Grinda and Martin Varsavsky, along with 100+ angels, and previous investors DN Capital and F J Labs.

RecargaPay was founded by Rodrigo Teijeiro, Alvaro Teijeiro, and Gustavo Victorica in 2010 and strives to make payments simpler for Brazil’s banked and unbanked population. The platform has over 10 million wallet users and maintains a high 4.4 star Google Play score.

Said RecargaPay CEO, Rodrigo Teijeiro in the original press release:

“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.”

RecargaPay will use the investment to consolidate and continue growing in Brazil.

Read more about RecargaPay:

Forbes coverage

Miami Herald coverage

 

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