Argentina-based digital payment infrastructure provider Geopagos has obtained $35m in a new funding round, marking its first major institutional investment.

Riverwood Capital led the fundraising, with Endeavor Catalyst also joining the round.   

Geopagos plans to use the fresh capital to strengthen its Latin American presence and make new investments in its digital portfolio.

The company also aims to ramp up its efforts to develop innovative solutions such as boosting its omnichannel products and facilitating the development of new payment acceptance systems.

Besides, it seeks to open up its application programming interfaces (API) platform to help businesses expedite time to market.

Geopagos CEO and co-founder Sebastián Núñez Castro said: “Our vision since our foundation in 2013 has been to make payments acceptance easier and more accessible, helping our clients launch successful and innovative payment products via a robust and comprehensive solution that can deliver a superior consumer experience, improve engagement and generate customer loyalty.

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“Over the years we have built an established and profitable business at scale, and this is an opportune time to accelerate our investments, expanding throughout Latin America and consolidating our technology leadership by investing more in R&D.

“We are excited to continue this journey with Riverwood who has a 15-year track-record supporting top growth technology companies in their respective sectors globally, a leading regional presence and reputation in Latin America, and is extremely selective with their investment destinations making them the perfect partner for the next phase of our journey”.

Geopagos has created an infrastructure that is designed to enable large financial organisations, fintechs, retailers, and software companies and others to build comprehensive digital products.

The infrastructure also helps its users introduce or expand their payment acceptance activities in Latin America.

Currently, Geopagos operates in 15 Latin American nations. It has facilitated the processing of over 150 million transactions and more than $5bn in total payment volume (TPV) per year.

Santander, BBVA, Itaú, Fiserv, Bac Credomatic, Niubiz, Banco Estado de Chile are among some of Geopagos’ customers.