LUN Partners contributes to US$70 mln pumped into RecargaPay

LUN Partners of Hong Kong says it is among several investors that are together putting US$70 million into RecargaPay of Brazil to enhance the RecargaPay mobile phone payments service.

The money will go towards expanding the services that the Sao Paulo company offers small businesses and consumers, according to a written statement issued by LUN Partners on Wednesday.

“Founded in Brazil in 2010, RecargaPay set out to provide a comprehensive and user-friendly financial services ecosystem that would be accessible even to people who do not have bank accounts,” the statement says.

The LUN Partners statement quotes RecargaPay Chief Executive Rodrigo Teijeiro as saying: “We look forward to further expanding our platform and bringing RecargaPay to a broader market with the support of our investors and our growing international team.”