RecargaPay, a Brazilian mobile payments platform, has secured $22m in a Series B funding round.

The latest funding round was backed by World Bank Group member IFC, TheVentureCity and Ventech, all of whom are new investors.

They were joined by entrepreneurs Fabrice Grinda and Martin Varsavsky as well as existing backers DN Capital and FJlabs. More than 100 angel investors also participated in the fundraising through AngelList and FundersClub.

RecargaPay plans to use the new capital to grow its team and expand its product line.

IFC CIO and global head of fintech investments Andi Dervishi said: “We see in RecargaPay the kind of pioneer that wants to change the composition and competitive behavior of retail finance in Brazil and will change the financial behavior of its consumers.  We are interested in companies that create value for their customers, that make it easier for them to perform daily chores and that bring down their cost of living.”

RecargaPay, established by Rodrigo Teijeiro, Alvaro Teijeiro, and Gustavo Victorica, currently has over 10 million users. The company has a headcount of 85, operating from its offices in Sao Paulo, Rio de Janeiro, Buenos Aires, Miami.

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