RecargaPay Series C (IDBI-12106-02)

Countries
  • Brazil
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
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 4, 2021
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
RecargaPay Holdings Inc.
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. Please see updated project documentation 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

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

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
  • IDB Invest (IDBI)
Contact Information

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