Brazilian Digital payments fintech RecargaPay announced a $ 10 million extension of its Series C investment round. The new capital injection was led by the fund IDB Invest ($ 7.5 million) and also Fuel Venture Capital ($ 2,5 million).
With the extension, the round — initially disclosed in February — reaches $ 80 million. The startup plans to expand its operations and also improve its platform.
RecargaPay offers payment services via its smartphone app. This includes PIX (Brazilian instant payments system), pre-paid plans for mobile, transport cards, bill payments, gift cards, microcredit, or loan applications. The solution addresses the needs of the so-called unbanked population (people without bank accounts) by allowing access to essential services.
“This investment will allow us to accelerate the democratization of mobile payments and financial services in Brazil. RecargaPay’s financial ecosystem enables and empowers millions of customers and merchants to handle their payments and achieve their financial goals”, says RecargaPay founder and CEO, Rodrigo Teijeiro. “We are particularly excited to accelerate our product roadmap with this additional investment in open banking and additional PIX capabilities.”
As part of the agreement, IDB Invest and RecargaPay will work together to review the financial solutions offered by fintech to its network of partners and to improve the offer of products for all consumers, whether banked or unbanked.
“Investing in innovative business models is essential to increase financial inclusion in Latin America and the Caribbean. Through this investment in RecargaPay, IDB Invest aims to accelerate the adoption of digital payments, especially among needy sectors of the Brazilian economy, which are a key enabler for the digital economy, a centerpiece of our 2025 Vision,” comments IDB Invest’s CEO James P. Scriven.