RecargaPay

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RecargaPay do Brasil Serviços de Informática Ltda.
RecargaPay (Br).png
Screenshot
RecargaPayHomePageScreenShot2018.png
RecargaPays's home page
Type of businessPrivate
Type of site
Mobile Money Wallet[1]
Available inPortuguese
FoundedNovember 1, 2010; 11 years ago (2010-11-01)
Headquarters
São Paulo
,
Brazil
Area servedBrazil
Founder(s)
Key peopleRodrigo Teijeiro
(CEO)
Álvaro Teijeiro
(CTO)
Gustavo Victorica
(COO)
Diego Escobar
(CFO)
Renato Camargo
(CMO)
IndustryInternet
Employees300 (March 22, 2020) [2]
URLrecargapay.com.br
RegistrationRequired
UsersOver 10 million wallets [3]
Current statusActive

RecargaPay is a Brazilian fintech focused on essential services. Through an app, it provides an ecosystem of payments for customers. Founded in 2010 by Rodrigo Teijeiro (CEO), Alvaro Teijeiro (CTO), and Gustavo Victorica (COO), the company has over 300 employees based mainly in São Paulo, Buenos Aires, Argentina, and Miami, USA. Available in Brazil, RecargaPay's app attends to the needs of banked and unbanked people, simplifying basic everyday transactions, such as bill payments and boletos, cell phone and transportation cards recharges, gift cards, buying cooking gas, among many others.

Since its inception, it has already registered a total of more than 30 million downloads in app stores and its solutions are among the top-ranked financial service apps in Google Play and the App Store. In the last round of investment funding, it closed a deal of Series C injection of more than $70 million.

History[]

In Latin America, a large part of the population had prepaid cell phones until February 2020 and, because of that, most people became used to standing in line for hours to pay for a digital product.[4][5] Created with the goal of selling prepaid cell phone recharges digitally, the company was founded in 2010 by the brothers Rodrigo and Álvaro Teijeiro, current CEO and CTO, respectively, and Gustavo Victorica, current COO.

Recarga.com operated in Latin America and in the United States under the ownership of Fnbox, a technology company organized as a holding company that used to manage several online services. By August 2012, the company had processed transactions in six countries for 110,000 customers across more than twenty mobile carriers.[6]

In 2013, Fnbox began a process of dismemberment to focus exclusively on the mobile recharge business.[7] Consequently, Recarga.com became RecargaPay, and diversified its product offering.[8] According to Rodrigo Teijeiro, the company is "a complete ecosystem of mobile financial services." In an interview with in mid-2021, the company's founder stated: "We want users to solve their essential payments, those kinds that are made every month, from the couch. We are empowering consumers and small businesses through democratization and scalability of financial services."[9][10]

In February 2018, it was reported that RecargaPay had raised $63 million in venture capital from a group of investors led by member companies of World Bank Group (WBG) plus TheVentureCity, DN Capital, Fabrice Grinda, Martin Varsavsky, and many more investors who used the Angellist medium as a form of support.[11]

Since its founding, several services and products have been added to RecargaPay, making up what is now considered the largest mobile payments and digital financial services ecosystem in Brazil. In September 2018, after growing only by its offer of digital services, RecargaPay launched its first physical product: a prepaid card.[12]

On April 20, 2020, Rodrigo Teijeiro announced the marketing director Renato Camargo as the National Manager of RecargaPay in Brazil. The company is creating a mobile money ecosystem where they interact with and without a bank, providing consumers and businesses a one-stop-shop for all their financial needs.[13]

Services[]

RecargaPay's headquarters in São Paulo, Brazil.

The RecargaPay app can be downloaded for free at Play Store and App Store. Through the app, users can recharge cell phones, transportation cards, and prepaid TV, pay bills and boletos, buy gift cards, Tele Sena and cooking gas, request loans and installment payments, send money, among other services.[14] Users can choose to pay by credit card, debit card, redeem Livelo points, PIX, or with the money from the RecargaPay wallet, which does not require a bank account and can be charged by boleto, deposit or bank transfer.[15] There are no extra charges for payments up to five hundred reais in the free plan or up to two thousand reais a month in the Prime+ plan.[16]

RecargaPay's services can also be resold, a practice adopted by several merchants who use cell phone recharge and bill payment as a way to attract customers to their establishments and earn discounts on the services offered by the fintech.[16]

Cell phone recharges

It allows recharging cell phones from several carriers, including Claro, TIM, Vivo, Oi, Correios, Sercomtel, Algar, and Surf Telecom. It is also possible to schedule cell phone recharges with the Automatic Recharge function or even do an Offline Recharge if the person is out of credits.[17]

Transport card recharge

Transportation cards from various cities can be loaded. They are: Bilhete Único (São Paulo, São José dos Campos and São Luís), SOU (Diadema), NOSSO (Ribeirão Preto), PraTi (Pelotas), VEM (Recife), Com Você (Sorocaba), Cartão Rápido (Taubaté), Bem Legal (Maceió), Cartão URBS (Curitiba), Cartão GV (Vitória), Peg Fácil (Campo Grande), Cartão Integração (Salvador), SETAP (Macapá), Cartão Legal (São Bernardo do Campo), CriciúmaCard (Criciúma) and Cartão TRI (Porto Alegre). The service is free and offers cashback on the first recharge of up to twenty reais, as well as the option to program an Automatic Recharge.[17][18][19][20]

Bills payment

Consumer bills such as water, electricity, internet, telephone and gas bills, government taxes, and boletos can be paid via RecargaPay.[17]

Gift cards and other services

Android users can buy credits for Google Play, Uber prepaid, Uber Eats, Spotify, Free Fire, PlayStation, Steam, Xbox, Xbox Live, League of Legends, Blizzard, Level Up, McDonald's, iFood, and Netshoes. iOS users can buy credits for prepaid Uber, Uber Eats, McDonald's, and iFood. Also available for Android and iOS are the digital Tele Sena, Prepaid TV, and Gas Voucher.[17]

Post-paid

It can be used when the credit card payment presents some error and the user has no available money in the wallet. The system suggests completing the purchase through the Post-paid service, which adds a fee and it must be paid within the period informed by the app.[17]

Send money

Users can transfer money from one RecargaPay account to another RecargaPay account just with the recipient's mobile number, or via PIX, with no paperwork and no fees.[17]

Prime+

Prime+ is an exclusive subscription that offers benefits to customers for 19,99 reais per month, such as special discounts and cashback in many services. Prime+ also gives one percent of cashback in any purchase paid by the physical prepaid card, despite the possibility to pay bills up to two thousand reais without extras fees.[17]

Accolades[]

In 2016, RecargaPay was nominated in two categories of the Awards: Most Innovative Company and Best B2C Company, losing in both nominations for and Nubank, respectively.[21] At the Awards, RecargaPay received honors for four consecutive years: it achieved third place for Online Payments two times, the second place for Financial Solutions and the fifth place for Digital Payment Method.[22][23][24][25]

Year Award Category Result
2020 Digital Payment Methods[23] 5th Place
2019 Financial Solutions[22] 2nd Place
2018 Online Payments[25][24] 3rd Place
2017 3rd Place
2016 LATAM Founders Best B2C Company[26] Nominated
Most Innovative Company[26] Nominated

References[]

  1. ^ Kemmer Cernev, Adrian (March–April 2017). "O futuro do dinheiro eletrônico". Gvexecutivo. 16 (2): 44. Retrieved April 12, 2018.
  2. ^ "RecargaPay Raises $22M in Series B Funding", FinSMEs (REAL TIME VC & PRIVATE EQUITY DEALS AND NEWS), 02/22/2018
  3. ^ Richard Fenning , "RecargaPay Partners with Top App in Brazil", Linkedin Pulse, 07/21/2016
  4. ^ do Amaral, Bruno (November 3, 2020). "Brasil passa a ter maioria de celulares pós-pagos". Teletime (in Portuguese). Save Produções Editoriais, LTDA. Retrieved April 12, 2021.
  5. ^ Ellsworth, Brian (May 26, 2004). "In Latin America, a Cellular Need". The New York Times. Nova Iorque. Retrieved September 12, 2012.
  6. ^ "Latin American E-Commerce Leader Fnbox Chooses Adyen's Payments Platform To Facilitate Global Expansion". redOrbit. August 21, 2012. Retrieved September 12, 2012.
  7. ^ "Latin America leads Global Mobile Growth". World Bank. July 18, 2012. Retrieved September 12, 2012.
  8. ^ "Our team". Fnbox Ventures, Inc. Archived from the original on January 25, 2013. Retrieved September 12, 2012.
  9. ^ Teijeiro, Rodrigo (February 28, 2017). "Mobile Wallets: How They Are Democratizing Financial Services". HuffPost (Interview). Interviewed by Hastreiter, Nick. BuzzFeed, Inc. Retrieved September 12, 2020.
  10. ^ Fonseca, Mariana (March 1, 2021). "Por que este app para pagamento de boletos e recarga de celular recebeu aporte de R$ 385 milhões". InfoMoney (in Portuguese). Retrieved May 12, 2021.
  11. ^ "RecargaPay Raises $22M in Series B Funding" (in Portuguese). Brazil: FinSMEs, Ltd. February 22, 2018. Retrieved September 12, 2012.
  12. ^ Fogaça, André (September 20, 2018). "RecargaPay lança cartão pré-pago com cashback de 1% em todas as compras". technoblog (in Portuguese). Mobilon Mídia. Retrieved May 5, 2021.
  13. ^ Teijeiro, Rodrigo (April 20, 2020). "New Country Manager at RecargaPay". LinkedIn Corporation. Retrieved April 12, 2021.
  14. ^ "RecargaPay: Mobile Payment Platform & Digital Wallet Leading in Brazil". São Paulo: AngelList. Retrieved April 12, 2021.
  15. ^ "Recargapay cartão pré-pago" (in Portuguese). Cartão Pré-Pago. Retrieved May 5, 2021.
  16. ^ a b Cernev, Adrian Kemmer (March 2017). "O Futuro do Dinheiro Eletrônico: Surgem novos meios de pagamento com potencial de expandir o acesso da população aos serviços financeiros e contribuir para o desenvolvimento econômico". 16 (in Portuguese). GV Executivo. pp. 42–45. Retrieved May 5, 2021.
  17. ^ a b c d e f g "RecargaPay" (in Portuguese). RecargaPay. Retrieved May 31, 2021.
  18. ^ "App que carrega o Bilhete Único: veja como usar o RecargaPay no celular". Techtudo (in Portuguese). February 13, 2019. Retrieved May 31, 2021.
  19. ^ "Bilhete Único pode ser recarregado por aplicativo de celular em São José" (in Portuguese). Meon. Retrieved May 31, 2021.
  20. ^ "ACTU inicia vendas de passagens online via RecargaPay" (in Portuguese). Engeplus Empresas. March 10, 2021. Retrieved May 31, 2021.
  21. ^ "Third Annual Latam Founders Award Gala to Be Held in Sao Paulo" (in Portuguese). São Paulo: Latam Founders Network. April 12, 2016. Retrieved April 18, 2021 – via PR Newswire (Cision US, Inc.).
  22. ^ a b "Prêmio Reclame AQUI 2017" (in Portuguese). Reclame AQUI. 2019. Retrieved April 18, 2021.
  23. ^ a b "Prêmio Reclame AQUI 2017" (in Portuguese). Reclame AQUI. 2020. Retrieved April 18, 2021.
  24. ^ a b "Prêmio Reclame AQUI 2017" (in Portuguese). Reclame AQUI. 2017. Retrieved April 18, 2021.
  25. ^ a b "Netflix é a grande vencedora do prêmio Época ReclameAqui 2018". Época (in Portuguese). Globo.com. October 30, 2018. Retrieved April 18, 2021.
  26. ^ a b Santos, Fernanda (May 11, 2016). "E os vencedores do Latam Founders Awards 2016 são…" (in Portuguese). Startupi. Retrieved April 18, 2021.

External links[]

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