RecargaPay closes a $70 million Series C

RecargaPayu2019s Series C was co-led by Miami-based Fuel Venture Capital and Madrid-based IDC Ventures, with additional participation from LUN Partners, Experian Ventures and ATW Partners.n

“RecargaPay is a pioneer in the payments sector as one of the first all-in-one platforms to serveu00a0such a wide array of everyday needs of Brazilians,u201d said Maggie Vo, Fuel Venture Capital managing general partner and chief investment officer. u201cWe are thrilled to back a company that is actively improving the lives of so many people by giving them more control over theiru00a0finances, all the while challenging the status quo of banking systems.u201dn

“Often people think that RecargaPay is for the unbanked, but itu2019s actually for the unbanked and the banked,” Teijeiro added. “What we always had in mind was to build — in the long-term — a mobile money ecosystem. Our approach was to solve problems one-by-one, and now we have a vertically integrated payment platform that offers financial services.”n

 n”,”protected”:false},”excerpt”:”rendered”:”

RecargaPay, a Brazil-based fintech that allows users to top off their prepaid cell phones online, announced this morning that theyu2019ve closed their $70 million Series C. The company, which operates solely in Brazil, was launched in 2010 by Miami-based serial entrepreneur Rodrigo Teijeiro, who is co-founder and CEO.u00a0 Unlike in the U.S. where most people 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