The history of the RecargaPay payment platform differs a little from the pattern of fintechs created in recent years. Created in 2010 with a focus on cell phone recharge, the company has gone through some changes since then - among them, when it started working with urban transport cards, such as the Bilhete Único. However, more recently, the concession
Founded by the Argentines Gustavo Victorica and the brothers Rodrigo and Álvaro Teijeiro, but operating exclusively in Brazil, RecargaPay hopes to soon obtain a direct credit company license (SCD) from the Central Bank. Meanwhile, it offers credit by acting as a correspondent for BMP Money Plus. The information and technology used in granting loans is proprietary, with a “score” built, among other things, considering the consumption behavior in the application.
“If I were to use traditional market models, more than half of my clients would not have their credit released. We started with shorter terms, R$50, R$100 to pay an electricity bill, for example, but we are expanding”, says Victorica, who, in addition to being a founder, is an operational vice president. According to him, there are no signs of an increase in default.
With more than 30 million downloads, RecargaPay does not open its results, but Victorica says that the contribution of financial services is already significant. The company only reveals that it operates with a positive Ebitda and annualized revenue of R$ 275 million. In April 2020, at the height of the closures caused by the coronavirus, the Single Ticket market dropped 80%, according to the executive, but the digitization of payments stimulated by the pandemic led the company to double revenue last year.
Fintech debuted this month in the debt market with the issuance of a debenture of R$ 40 million, anchored by managers Milênio and Franklin Templeton. The amount will be used to finance the microcredit offered in the application. By early 2021, the company had raised $70 million in a Series C round to accelerate growth and make improvements to its platform. The investment was led by IDC Ventures and Fuel Venture Capital, with participation also by ATW, LUN Partners and Experian. An IPO (initial stock offering) is not in the plans at the moment, according to Victorica.
The executive and the Teijeiro brothers have been working together for 18 years. Before RecargaPay, they created a platform for the sale of international calling cards and the social network Sonico, which had almost 55 million users.
The history of the RecargaPay payment platform differs a little from the pattern of fintechs created in recent years. Created in 2010 with a focus on cell phone recharge, the company has gone through some changes since then - among them, when it started working with urban transport cards, such as the Bilhete Único. However, more recently, the concession
Founded by the Argentines Gustavo Victorica and the brothers Rodrigo and Álvaro Teijeiro, but operating exclusively in Brazil, RecargaPay hopes to soon obtain a direct credit company license (SCD) from the Central Bank. Meanwhile, it offers credit by acting as a correspondent for BMP Money Plus. The information and technology used in granting loans is proprietary, with a “score” built, among other things, considering the consumption behavior in the application.
“If I were to use traditional market models, more than half of my clients would not have their credit released. We started with shorter terms, R$50, R$100 to pay an electricity bill, for example, but we are expanding”, says Victorica, who, in addition to being a founder, is an operational vice president. According to him, there are no signs of an increase in default.
With more than 30 million downloads, RecargaPay does not open its results, but Victorica says that the contribution of financial services is already significant. The company only reveals that it operates with a positive Ebitda and annualized revenue of R$ 275 million. In April 2020, at the height of the closures caused by the coronavirus, the Single Ticket market dropped 80%, according to the executive, but the digitization of payments stimulated by the pandemic led the company to double revenue last year.
Fintech debuted this month in the debt market with the issuance of a debenture of R$ 40 million, anchored by managers Milênio and Franklin Templeton. The amount will be used to finance the microcredit offered in the application. By early 2021, the company had raised $70 million in a Series C round to accelerate growth and make improvements to its platform. The investment was led by IDC Ventures and Fuel Venture Capital, with participation also by ATW, LUN Partners and Experian. An IPO (initial stock offering) is not in the plans at the moment, according to Victorica.
The executive and the Teijeiro brothers have been working together for 18 years. Before RecargaPay, they created a platform for the sale of international calling cards and the social network Sonico, which had almost 55 million users.
The history of the RecargaPay payment platform differs a little from the pattern of fintechs created in recent years. Created in 2010 with a focus on cell phone recharge, the company has gone through some changes since then - among them, when it started working with urban transport cards, such as the Bilhete Único. However, more recently, the concession
Founded by the Argentines Gustavo Victorica and the brothers Rodrigo and Álvaro Teijeiro, but operating exclusively in Brazil, RecargaPay hopes to soon obtain a direct credit company license (SCD) from the Central Bank. Meanwhile, it offers credit by acting as a correspondent for BMP Money Plus. The information and technology used in granting loans is proprietary, with a “score” built, among other things, considering the consumption behavior in the application.
“If I were to use traditional market models, more than half of my clients would not have their credit released. We started with shorter terms, R$50, R$100 to pay an electricity bill, for example, but we are expanding”, says Victorica, who, in addition to being a founder, is an operational vice president. According to him, there are no signs of an increase in default.
With more than 30 million downloads, RecargaPay does not open its results, but Victorica says that the contribution of financial services is already significant. The company only reveals that it operates with a positive Ebitda and annualized revenue of R$ 275 million. In April 2020, at the height of the closures caused by the coronavirus, the Single Ticket market dropped 80%, according to the executive, but the digitization of payments stimulated by the pandemic led the company to double revenue last year.
Fintech debuted this month in the debt market with the issuance of a debenture of R$ 40 million, anchored by managers Milênio and Franklin Templeton. The amount will be used to finance the microcredit offered in the application. By early 2021, the company had raised $70 million in a Series C round to accelerate growth and make improvements to its platform. The investment was led by IDC Ventures and Fuel Venture Capital, with participation also by ATW, LUN Partners and Experian. An IPO (initial stock offering) is not in the plans at the moment, according to Victorica.
The executive and the Teijeiro brothers have been working together for 18 years. Before RecargaPay, they created a platform for the sale of international calling cards and the social network Sonico, which had almost 55 million users.
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