The payment application RecargaPay launched today, May 12, its first FIDC (Credit Rights Investment Fund), valued at R$ 70 million. The operation was structured by Milenio Capital, a fund manager focused on the credit segment. With the funds, RecargaPay intends to expand its loan offer.
RecargaPay is a platform that allows customers to gather their credit cards in one place, pay bills, make transactions with Pix or apply for loans. The company already acts as a banking correspondent by intermediating loans since 2018. With FIDC, RecargaPay aims to "expand its credit vertical and its product offering designed to meet the needs of Brazilians in their sustainable payments and microcredit", the fintech said in a note.
"We seek to democratise access to mobile payments and our loan offering is calculated, among other factors, based on a combination of proprietary data from our app and open finance," says Fabio Shibuya, vice president of credit at RecargaPay. "In addition, RecargaPay aims to solve all of our customers' needs in one place and that go beyond credit, like Pix," he adds. Recently, the digital account started offering a daily bonus with 103% of the CDI.
This first issue brought together investors from family offices, assets and banks.
"The FIDC will help promote the democratisation of access to credit, reducing the costs of acquiring new clients and increasing the awareness of our partner," says Milenio Capital founding partner Gustavo Ahrends.
Founded in 2010, RecargaPAY has received more than US$120 million in investment rounds with investors such as IFC and IDB. RecargaPay is authorised as a Payment Institution and SCD by the Central Bank of Brazil. In July 2021, Milenio had already participated in the structuring of a R$ 40 million financial bond issue for RecargaPay.
Focused on the credit market, Milenio Capital assists companies by structuring customised solutions throughout the credit cycle. With extensive experience in credit and proprietary technology, we are committed to delivering efficient, innovative and scalable solutions to our partners, with the objective of democratising access to resources and promoting business in Brazil.
The payment application RecargaPay launched today, May 12, its first FIDC (Credit Rights Investment Fund), valued at R$ 70 million. The operation was structured by Milenio Capital, a fund manager focused on the credit segment. With the funds, RecargaPay intends to expand its loan offer.
RecargaPay is a platform that allows customers to gather their credit cards in one place, pay bills, make transactions with Pix or apply for loans. The company already acts as a banking correspondent by intermediating loans since 2018. With FIDC, RecargaPay aims to "expand its credit vertical and its product offering designed to meet the needs of Brazilians in their sustainable payments and microcredit", the fintech said in a note.
"We seek to democratise access to mobile payments and our loan offering is calculated, among other factors, based on a combination of proprietary data from our app and open finance," says Fabio Shibuya, vice president of credit at RecargaPay. "In addition, RecargaPay aims to solve all of our customers' needs in one place and that go beyond credit, like Pix," he adds. Recently, the digital account started offering a daily bonus with 103% of the CDI.
This first issue brought together investors from family offices, assets and banks.
"The FIDC will help promote the democratisation of access to credit, reducing the costs of acquiring new clients and increasing the awareness of our partner," says Milenio Capital founding partner Gustavo Ahrends.
Founded in 2010, RecargaPAY has received more than US$120 million in investment rounds with investors such as IFC and IDB. RecargaPay is authorised as a Payment Institution and SCD by the Central Bank of Brazil. In July 2021, Milenio had already participated in the structuring of a R$ 40 million financial bond issue for RecargaPay.
Focused on the credit market, Milenio Capital assists companies by structuring customised solutions throughout the credit cycle. With extensive experience in credit and proprietary technology, we are committed to delivering efficient, innovative and scalable solutions to our partners, with the objective of democratising access to resources and promoting business in Brazil.