Brazilian mobile payments and wallet platform RecargaPay has secured $22m in its Series B round.
Contributions to the round came from investors including IFC, a World Bank Group member, TheVentureCity and Ventech; existing backers DN Capital and FJlabs also participated. The Series also saw contributions from over 100 angels via Angellist and FundersClub.
RecargaPay is a mobile payments platform for Brazil, that doesn’t need a bank account and helps to enable transactions for everyone. Through the platform users can make credit card and bank transfer payments, pay bills, send funds, topup a phone, public transport, and buy gift cards.
The company has reached 10 million mobile wallets, and helps to transact millions each month, according to the company. RecargaPay uses anti-fraud technology to ensure that all transactions are secure and protected.
Equity from the round will support the growth of its team and further developments to its products and technology.
International Finance Corporation CIO Andi Dervishi said, “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.”
Earlier in the year, end-to-end payment solution EBANX netted a $30m investment from FTV Capital. The Brazilian company raised the funds to support the company operations to Ecuador, Uruguay, Paraguay, and Bolivia.
Last year, Brazil received the highest percentage of the total investments in to the Latin America FinTech sector, according to data by FinTech Global. The country saw $276.5m invested in the space, which was around 89 per cent of the total capital deployed to LatAm.
The country’s biggest area for funding was the WealthTech space, which received $182m of the total capital invested.
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