Brazil’s RecargaPay has raised $70 million in a Series C funding round to expand its payments platform for consumers and small businesses. The funding round, led by IDC Ventures and Fuel Venture Capital, brings RecargaPay’s total funding to over $100 million. Other investors include Experian, LUN Partners and ATW, according to a press release.
“Founded in Brazil in 2010, RecargaPay set out to provide a comprehensive and user-friendly financial services ecosystem that would be accessible even to people who do not have bank accounts,” the press release reads. The company’s goal is to “democratize access to digital financial services for millions of new users.” PYMNTS recently noted that more than 45 million adults in Brazil remain unbanked. The firm will also use the funding to further develop Prime+, its subscription program.