RecargaX, LLC, a Leesburg, Va.-based company that allows money service businesses (MSBs) to expand their service offerings to large unbanked and under-banked sectors of the economy, has received a $200k investment from CIT GAP Funds.
The company intends to use the capital for product technology enhancements, and business development.
Led by Mark Smith, President and CEO, RecargaX operates a cash transaction network designed to simplify mobile prepaid replenishment and postpaid billing operations.
It integrates with money services businesses and service providers to give consumers that primarily conduct cash transactions the ability to pay their bills and top-up prepaid accounts at over 120,000 brick and mortar retail locations across the U.S.
These services are available everywhere a MSB is located including grocery stores, drug stores, and mass merchandisers.