RecargaPay, an eight-year-old mobile payments platform targeting unbanked and underbanked consumers in Brazil, has secured $22 million in funding to reach more users and merchants.
The company’s virtual wallet currently serves 10 million Brazilian consumers and enables users to pay bills and purchase public transport cards and gift cards, and with the new investment the company plans to expand and “democratize” the wallet’s capabilities, according to a recent press release.
“We’re committed to helping anyone, banked or unbanked, transact seamlessly with their smartphone, regardless of income levels or credit score,” said Rodrigo Teijeiro, RecargaPay CEO, in the release.
“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,” added Andi Dervishi, global head of fintech investments for International Finance Corp., a branch of World Bank Group, which is among the investors, in the release.
Other investors include TheVentureCity and Ventech, bringing RecargaPay’s total funding to date to $28 million, according to reports.