RecargaPay Series C (IDBI-12106-02)

Countries
  • Brazil
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 4, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
RecargaPay Holdings Inc.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS May 28, 2021

Disclosed by Bank Mar 19, 2021


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

IDB Invest is considering an Equity Investment of up to US$10 million in RecargaPay Holdings Inc ("RecargaPay"). RecargaPay operates a mobile money platform fully integrated into payments and banking ecosystems in Brazil. RecargaPay is in the process of raising its Series C round targeting up to US$70 million, which will be used to enable further customer acquisition and new products launch.

Through this investment, IDB Invest seeks to support the further development of a mobile payment platform in the country, which has potential to provide access to a wide range of financial services to unbanked populations.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

For questions about the Project please contact:

Name:Gustavo Victorica

Title:Co-Founder & COO

Telephone:+54 9 11 3789-1269

E-mail:gustavo@recargapay.com

For questions and comments to IDB Invest, please contact:

Name:IDB Invest Communication Group

E-mail:requestinformation@idbinvest.org

In addition, affected communities can access IDB Invest's Independent Consultation and Investigation Mechanism (ICIM) as follows:

Telephone:+1 (202) 623-3952

Fax number:+1 (202) 312-4057

Address:1300 New York Ave. NW Washington, DC. USA. 20577

E-mail:mecanismo@iadb.orgoMICI@iadb.org

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

For questions about the Project please contact:

Name:                  Gustavo Victorica

Title:                     Co-Founder & COO

Telephone:          +54 9 11 3789-1269

E-mail:                  gustavo@recargapay.com

For questions and comments to IDB Invest, please contact:

Name:               IDB Invest Communication Group

E-mail:              requestinformation@idbinvest.org

In addition, affected communities can access IDB Invest’s Independent Consultation and Investigation Mechanism (ICIM) as follows:

Telephone:        +1 (202) 623-3952

Fax number:      +1 (202) 312-4057

Address:             1300 New York Ave. NW Washington, DC. USA. 20577

E-mail:               mecanismo@iadb.org o MICI@iadb.org

How it works

How it works