The RecargaPay executive team. Credit: PRNewsFoto/ RecargaPay.

Brazilian mobile payments platform RecargaPay has raised $70m in the Series C round co-led by IDC Ventures and Fuel Venture Capital.

The round also saw participation from ATW, LUN Partners and Experian.

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With the latest fundraise, RecargaPay has now secured more than $100m.

The company plans to use the proceeds to further enhance its all-in-one payment platform, expand its offerings and development its subscription program Prime+.

A portion of the funding will also be used to further bolster its workforce. Currently, the Brazilian payments firm has around 300 full-time employees in Miami, São Paulo and Buenos Aires.

RecargaPay founder and CEO Rodrigo Teijeiro said: “We’re proud to be helping so many people with their essential payments during a moment of crises and challenges, but we know the utility of our platform is long-term as even people with bank accounts continue to flock to RecargaPay for more seamless and convenient transactions.

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“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.”

Founded in 2010, RecargaPay enables its users to pay bills, send and receive money, and apply for micro-loans. The platform can also be used to refill city bus and metro accounts.

In 2018, the company secured $22m in a Series B funding round.

IDC Ventures managing partner Bobby Aitkenhead said: “Access to loans, credit cards, and other forms of debt remains elusive for many in Brazil and other countries in Latin America, and the region’s digital payments infrastructure has historically been deeply fragmented – RecargaPay is a silver bullet that enables instant, cost effective payments rails and access to credit for all Brazilians.

“I look forward to further scaling RecargaPay in 2021 to bring its robust ecosystem to many more people and small businesses.”