Brazil's RecargaPay Raises $22M Series B for Mobile Payments Platform

RecargaPay, a Brazil-based fintech platform providing mobile payments, prepaid cards, and API-driven financial services, closed a $22 million Series B funding round on February 22, 2018. The round attracted new investors including IFC (a member of the World Bank Group), TheVentureCity, and Ventech, alongside entrepreneurs Fabrice Grinda and Martin Varsavsky. Over 100 angel investors participated via AngelList and FundersClub, with existing backers DN Capital and FJ Labs also contributing.

The platform focuses on delivering banking-like services to underserved populations in Latin America through API integrations for mobile top-ups, recharges, and money transfers. The funding is intended to expand RecargaPay's reach and product capabilities across the region. The deal highlights growing investor interest in embedded finance and BaaS models targeting financial inclusion in emerging markets.