Recargapay (IFC-36814)

Countries
  • Argentina
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
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
Jan 6, 2017
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
RECARGA
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)
$ 7.00 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)
$ 15.00 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 @ IFC website

Updated in EWS Aug 11, 2017

Disclosed by Bank Nov 30, 2016


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Project Description
RecargaPay Holdings Inc. is a mobile wallet and payment platform in Brazil with the mission of democratizing mobile payments. Users can top up prepaid mobile phones, pay for utility bills, and do peer-to-peer money sending between friends in a fast, convenient and secure way. The investment will support further expansion primarily in Brazil and in other Latin American markets, to enable additional mobile financial services to an even broader population of consumers, with a specific focus on the unbanked and underbanked.
Investment Description
  • International Finance Corporation (IFC)
RecargaPay was co-founded by its current Chief Executive Officer, Rodrigo Teijeiro, Chief Technology Officer Alvaro Teijeiro, and Chief Operating Officer Gustavo Victorica. The Company’s major shareholders include the founders, DN Capital and other shareholders with individual stakes of less than 5% of the Company’s equity.
Contact Information
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/