RecargaPay, a Sao Paulo, Brazil-based payments and mobile money company, raised $70 in Series C funding.
The round was co-led by IDC Ventures and Fuel Venture Capital, with participation from ATW, LUN Partners, and Experian.
The company intends to use the funds to recruit talent from around the world. and expand its financial services offerings to small businesses and consumers, including further development of its subscription program Prime+.
Founded in Brazil in 2010 by CEO Rodrigo Teijeiro, RecargaPay provides a comprehensive financial services ecosystem including the RecargaPay mobile app which allows users to apply for and get micro-loans; replenish their cell phone payment plans, city bus and metro accounts; pay bills; send and receive money; buy gift cards, and more. Users can also add money to their RecargaPay wallet through cash deposits in stores, or by bank or card transfers. The app is available for free via Android and iOS.
Currently EBITDA positive and with a revenue run rate of over USD$50 million, the company has over 300 full-time employees in Miami, São Paulo and Buenos Aires and has raised over $100m to date.