Brazil-based mobile payment platform developer RecargaPay has increased a series C round backed by credit scoring service Experian to $80m with a $10m extension.
Inter-American Development Bank’s IDB Invest investment arm led the extension with a $7.5m contribution, while the remainder was provided by venture capital firms IDC Ventures and Fuel Venture Capital.
Founded in 2010, RecargaPay provides an online platform enabling users to carry out financial functions like paying bills, refilling their mobile or public transport credit and applying for prepaid cards and consumer finance
Experian backed the round’s $70m first tranche in February this year. That close was co-led by IDC Ventures and Fuel Venture Capital and included LUN Partners and ATW Partners, bringing its total funding at the time to $100m.
The company had previously raised $22m in a 2018 series B round featuring the World Bank’s International Finance Corporation, DN Capital, FJ Labs, AngelList and FundersClub. It had also received $6m two years earlier, according to a regulatory filing.
Rodrigo Teijeiro, RecargaPay’s chief executive, said: “IDB Invest is the largest source of development financing for the private sector in Latin America and the Caribbean. This exciting investment will allow us to accelerate the democratisation of mobile payments and financial services in Brazil.
“RecargaPay’s financial ecosystem enables and empowers millions of customers and merchants to achieve their payments and financial goals. We are particularly excited to accelerate our product roadmap with this additional investment for open banking and additional Pix – the instant payments platform – capabilities.”
