36814 - Recargapay

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Summary of Investment Information

Project Number

36814

Company Name

RECARGAPAY HOLDINGS INC.

Date SPI Disclosed

Nov 30, 2016

Country

Argentina

Region

Latin America and the Caribbean

Projected Board Date

Jan 6, 2017

Environmental Category

C - No Impact

Status

Active

Last Updated Date

Mar 18, 2018

Department

Equity Portfolio Management

Industry

Financial Markets

Previous Events

Approved : May 31, 2017
Signed : Feb 26, 2018
Invested : Mar 16, 2018

Sector

Online payments, ecommerce payments

Project Description

RecargaPay Holdings Inc. (“RecargaPay” or the “Company”) is a mobile wallet and payment platform in Brazil with the mission of democratizing mobile payments. Users can top up prepaid mobile phones, pay for utility bills, and do peer-to-peer money sending between friends in a fast, convenient and secure way.

IFC’s investment will support further expansion primarily in Brazil and in other Latin American markets, to enable additional mobile financial services to an even broader population of consumers, with a specific focus on the unbanked and underbanked.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	7.0

Development Impact

1) Financial Inclusion through mobile payments: The company''s main product (mobile top ups) already provides the access for additional mobile payments services, such as utility bill payment and enabling electronic shopping. These mobile payment services provide expanded access to finance and expand ultimately banking penetration.
2) Reaching the Unbanked: The opportunity to reach largely underbanked and unbanked population in Latin America with cutting edge products and services delivered at affordable prices, is expected to lead to significant productivity gains within a section of population that was previously underserved, especially compared to offline payment methods.
3) Promoting mobile payments in Latin America by reducing transaction cost and overcoming geographic barriers.

1) Global Expertise and Practice: RecargaPay will benefit from IFC''s global expertise and knowledge in the Fintech sector. IFC will also add expertise with financials service regulation, which should enable to the company to better manage its risk and tailor its services across each country. Additionally, IFC will bring the company into its worldwide network of Fintech portfolio clients.
2) Network of Financials Institutions: Through an IFC investment, the company will gain access to IFC''s network of financial institutions and financial investors; and as a member of the World Bank Group, IFC has the ability to play honest broker and facilitate regulatory discussions.
3) Stamp of Approval: An involvement from IFC would give credibility to innovative payments products that have the potential, to significantly expand access to financial services to underserved in emerging markets.

E&S Category Rationale / Risks and Mitigation

This is a Category C project according to IFC''s Environmental and Social Review Procedure, as a low level of environmental and social (E&S) risk can be expected in this project. The principal Performance Standards (PSs) applicable to the project are PS1 and PS2. In providing electronic banking tools, RecargaPay leases spaces and purchases off-the-shelf equipment, which entails minimal E&S risk. The key E&S risk in this project exists in RecargaPay’s management of human resources, for which the company will be required to implement policies and procedures consistent with IFC Performance Standards.

Contacts

For Inquiries About the Project, Contact

For inquiries about the project, contact:
Rodrigo Teijeiro (CEO): mailto:rodrigo@recargapay.com
Gustavo Victorica (COO): mailto:gustavo@recargapay.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

Local Access of Project Documentation

Cyber Call S.R.L. (Argentine subsidiary of RecargaPay Holdings Inc.)
Ayacucho 1246, 2nd floor
Ciudad Autónoma de Buenos Aires
República Argentina
Zip Code 1111
At.: Gustavo Victorica, COO.
mailto:gustavo@recargapay.com

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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