For Gustavo Victorica, co-founder and COO of RecargaPay, the license reinforces the maturity of the business and the commitment to developing a “strong and reliable product, in addition to demonstrating the solidity of RecargaPay's operations over the past few years.”
In order to strengthen its loan operation, in August RecargaPay debuted in the debt market with a debenture of R$ 40 million, structured by the securitization company Vert Capital and by the manager Milenio (which also invested in the issue).
The amount raised will be used to finance microcredit offered in the application to fintech customers. In addition, loans, starting at R$ 10, have a payment term of up to 90 days and are spread throughout Brazil.
In a more 'low profile' style, unlike one of its main competitors (PicPay and Mercado Pago), RecargaPay is now starting to show more.
Founded in 2009 by Argentine entrepreneur Rodrigo Teijeiro, the application was born as a digital 'wallet', with only the recharge functionality. Today, in addition to the service, the platform works on other fronts, such as paying bills, requesting loans and installments, in addition to purchasing cooking gas and gift cards, for example. Fintech also has a subscription program in which the user has access to higher limits and discounts. It does not stop there.
“We are developing a credit product for entrepreneurs and, above all, we are waiting for Open Banking to arrive to offer the right product, at the right rate to the right person. We have to put things in the app that make sense between them”, said Renato Camargo, country manager and CMO at Recarga Pay, in a recent interview with Finsiders.
According to him, the market is large enough for several players to operate in their niches, offer customized products and services to consumers and direct the industry as a whole for the future. “RecargaPay has been helping to develop the market since its inception and we have seen that it is possible for fintech and traditional banks not only to coexist, but also to develop cooperation mechanisms, which makes the consumer experience better”, he said.
“Our position is to have a customer who stays here. I don't have a crazy rush to acquire customers. 'Word of mouth' is the best advertising. We like to encourage them to be the biggest ambassadors of the brand”, he revealed to Finsiders, when asked about the offline marketing strategy in a year when PicPay, for example, made a major sponsorship for Big Brother Brasil (BB) and is supporting the new version of Show do Milhão. Not to mention Mercado Pago, which has been building several offline marketing strategies.
Originally, RecargaPay had operations in several countries in Latin America, such as Argentina, Chile, Colombia, Mexico, Peru and Brazil, in addition to Spain and the United States. But in 2016, the company decided to focus on the Brazilian market, not only because it is the largest in Latin America, but also because of its great penetration of credit cards.
In March, it raised $70 million in a Series C round, led by IDC Ventures and Fuel Venture Capital, with participation from funds ATW, LUN Partners and the corporate venture Experian. It was the third round made by fintech. In total, the startup has raised more than R$550 million from investors such as IFC (the investment arm of the World Bank) and FJ Labs, Fabrice Grinda (founder of OLX and who has already invested in bxblue and Betterment, for example).
With more than 30 million downloads, the startup's Ebitda has been positive since the end of last year and the annualized revenue is R$ 275 million. “Our focus is to continue investing in people, with sustainable growth. The goal for 2022 is big," stated Camargo.
For Gustavo Victorica, co-founder and COO of RecargaPay, the license reinforces the maturity of the business and the commitment to developing a “strong and reliable product, in addition to demonstrating the solidity of RecargaPay's operations over the past few years.”
In order to strengthen its loan operation, in August RecargaPay debuted in the debt market with a debenture of R$ 40 million, structured by the securitization company Vert Capital and by the manager Milenio (which also invested in the issue).
The amount raised will be used to finance microcredit offered in the application to fintech customers. In addition, loans, starting at R$ 10, have a payment term of up to 90 days and are spread throughout Brazil.
In a more 'low profile' style, unlike one of its main competitors (PicPay and Mercado Pago), RecargaPay is now starting to show more.
Founded in 2009 by Argentine entrepreneur Rodrigo Teijeiro, the application was born as a digital 'wallet', with only the recharge functionality. Today, in addition to the service, the platform works on other fronts, such as paying bills, requesting loans and installments, in addition to purchasing cooking gas and gift cards, for example. Fintech also has a subscription program in which the user has access to higher limits and discounts. It does not stop there.
“We are developing a credit product for entrepreneurs and, above all, we are waiting for Open Banking to arrive to offer the right product, at the right rate to the right person. We have to put things in the app that make sense between them”, said Renato Camargo, country manager and CMO at Recarga Pay, in a recent interview with Finsiders.
According to him, the market is large enough for several players to operate in their niches, offer customized products and services to consumers and direct the industry as a whole for the future. “RecargaPay has been helping to develop the market since its inception and we have seen that it is possible for fintech and traditional banks not only to coexist, but also to develop cooperation mechanisms, which makes the consumer experience better”, he said.
“Our position is to have a customer who stays here. I don't have a crazy rush to acquire customers. 'Word of mouth' is the best advertising. We like to encourage them to be the biggest ambassadors of the brand”, he revealed to Finsiders, when asked about the offline marketing strategy in a year when PicPay, for example, made a major sponsorship for Big Brother Brasil (BB) and is supporting the new version of Show do Milhão. Not to mention Mercado Pago, which has been building several offline marketing strategies.
Originally, RecargaPay had operations in several countries in Latin America, such as Argentina, Chile, Colombia, Mexico, Peru and Brazil, in addition to Spain and the United States. But in 2016, the company decided to focus on the Brazilian market, not only because it is the largest in Latin America, but also because of its great penetration of credit cards.
In March, it raised $70 million in a Series C round, led by IDC Ventures and Fuel Venture Capital, with participation from funds ATW, LUN Partners and the corporate venture Experian. It was the third round made by fintech. In total, the startup has raised more than R$550 million from investors such as IFC (the investment arm of the World Bank) and FJ Labs, Fabrice Grinda (founder of OLX and who has already invested in bxblue and Betterment, for example).
With more than 30 million downloads, the startup's Ebitda has been positive since the end of last year and the annualized revenue is R$ 275 million. “Our focus is to continue investing in people, with sustainable growth. The goal for 2022 is big," stated Camargo.
For Gustavo Victorica, co-founder and COO of RecargaPay, the license reinforces the maturity of the business and the commitment to developing a “strong and reliable product, in addition to demonstrating the solidity of RecargaPay's operations over the past few years.”
In order to strengthen its loan operation, in August RecargaPay debuted in the debt market with a debenture of R$ 40 million, structured by the securitization company Vert Capital and by the manager Milenio (which also invested in the issue).
The amount raised will be used to finance microcredit offered in the application to fintech customers. In addition, loans, starting at R$ 10, have a payment term of up to 90 days and are spread throughout Brazil.
In a more 'low profile' style, unlike one of its main competitors (PicPay and Mercado Pago), RecargaPay is now starting to show more.
Founded in 2009 by Argentine entrepreneur Rodrigo Teijeiro, the application was born as a digital 'wallet', with only the recharge functionality. Today, in addition to the service, the platform works on other fronts, such as paying bills, requesting loans and installments, in addition to purchasing cooking gas and gift cards, for example. Fintech also has a subscription program in which the user has access to higher limits and discounts. It does not stop there.
“We are developing a credit product for entrepreneurs and, above all, we are waiting for Open Banking to arrive to offer the right product, at the right rate to the right person. We have to put things in the app that make sense between them”, said Renato Camargo, country manager and CMO at Recarga Pay, in a recent interview with Finsiders.
According to him, the market is large enough for several players to operate in their niches, offer customized products and services to consumers and direct the industry as a whole for the future. “RecargaPay has been helping to develop the market since its inception and we have seen that it is possible for fintech and traditional banks not only to coexist, but also to develop cooperation mechanisms, which makes the consumer experience better”, he said.
“Our position is to have a customer who stays here. I don't have a crazy rush to acquire customers. 'Word of mouth' is the best advertising. We like to encourage them to be the biggest ambassadors of the brand”, he revealed to Finsiders, when asked about the offline marketing strategy in a year when PicPay, for example, made a major sponsorship for Big Brother Brasil (BB) and is supporting the new version of Show do Milhão. Not to mention Mercado Pago, which has been building several offline marketing strategies.
Originally, RecargaPay had operations in several countries in Latin America, such as Argentina, Chile, Colombia, Mexico, Peru and Brazil, in addition to Spain and the United States. But in 2016, the company decided to focus on the Brazilian market, not only because it is the largest in Latin America, but also because of its great penetration of credit cards.
In March, it raised $70 million in a Series C round, led by IDC Ventures and Fuel Venture Capital, with participation from funds ATW, LUN Partners and the corporate venture Experian. It was the third round made by fintech. In total, the startup has raised more than R$550 million from investors such as IFC (the investment arm of the World Bank) and FJ Labs, Fabrice Grinda (founder of OLX and who has already invested in bxblue and Betterment, for example).
With more than 30 million downloads, the startup's Ebitda has been positive since the end of last year and the annualized revenue is R$ 275 million. “Our focus is to continue investing in people, with sustainable growth. The goal for 2022 is big," stated Camargo.
🤩 Forma parte del único programa de entrenamiento en Neobanking de Latam. Más información aquí
