We are thrilled that our portfolio company RecargaPay, the leading Brazil-based fintech that allows users to top off their prepaid cell phones online, has raised a $70 million Series C round from Fuel Ventures and IDC Ventures. The company has raised just over $100 million in capital to date from DN Capital as well as FJ Labs, Ventech and others, and it plans to use the latest funding to expand its financial services offerings to small businesses and consumers and further develop its popular subscription program Prime+.
“We look forward to further expanding our platform and bringing RecargaPay to a broader market with the support of our investors and our growing international team” (RecargaPay founder and CEO Rodrigo Teijeiro)
Since investing in the company’s Series A round in 2014, DN Capital has had the great pleasure of helping the team build up its operations in LatAm and grow the company to become one of the leading fintech players in Brazil. RecargaPay is a pioneer in the payments sector, being one of the first all-in-one vertically integrated payment platforms serving such a wide array of everyday needs. The platform lets users conveniently top off their cell phones and gives them the ability to buy gift cards, apply for and receive microloans, refill their public transportation cards and pay bills. The long-term plan is to build a complete mobile money ecosystem for the “unbanked” but also the “banked” in Brazil and other geographies.
Going forward, we are thrilled to continue to support a company that is actively improving the lives of so many people by giving them more control over their finances, while challenging the status quo of banking systems.