Brazil-based mobile payment platform operator RecargaPay has received $70m in a series C round backed by credit scoring service Experian.
Venture capital firms Fuel Venture Capital and IDC Ventures co-led the round, which included ATW Partners and LUN Partners and which increased the company’s funding to over $100m to date.
Founded in 2010, RecargaPay has built a mobile platform allowing users to pay bills, apply for micro-loans, purchase gift cards and top up their mobile and public transport credit.
The funding will enable the company to expand its offering for both consumers and small businesses in addition to bolstering its subscription scheme, Prime+, and hiring new talent.
Rodrigo Teijeiro, founder and CEO of RecargaPay, said: “We are proud to be helping so many people with their essential payments during a moment of crises and challenges, but we know the utility of our platform is long-term as even people with bank accounts continue to flock to RecargaPay for more seamless and convenient transactions.”
The company pulled in $22m for a 2018 series B round featuring International Finance Corporation, TheVentureCity, Ventech, DN Capital, FJlabs and angel investors including Fabrice Grinda, Martin Varsavsky and more than 100 individuals through AngelList and FundersClub. It also raised almost $6m of funding from unnamed backers in 2014, according to a regulatory filing.