Argentinian paytech Geopagos has bagged $35 million in a funding round led by Riverwood Capital with participation from Endeavor Catalyst.
Geopagos says the round marks its first institutional financing and that it will use the funds to accelerate its expansion plans in Latin America and invest in its technology infrastructure.
As part of the investment, Alex Porto of Riverwood also joins the Geopagos board of directors.
The company was founded in 2013 by Sebastián Núñez Castro, Julián Lisenberg, Fernando Tauscher, Raúl Oyarzun and Damián Harburguer.
It provides an infrastructure through which it develops end-to-end solutions for large financial institutions, fintechs, retail and software firms that want to launch or scale their payment acceptance business in the region.
Sebastián Núñez Castro, CEO and co-founder of Geopagos, says that since its inception, the firm has aimed to “make payment acceptance easier and more accessible”.
“Throughout these years, we have built a consolidated and profitable business, and we are convinced that this was the right time to accelerate the growth of the business by expanding our infrastructure throughout Latin America and investing more in R&D,” he adds.
The cash will be used for the development of new products to expand the company’s omnichannel proposal, as well as enabling new payment acceptance methods and opening its API platform for companies to speed up time to market.
The paytech company has a presence in 15 Latin American countries, processing over 150 million transactions and more than $5 billion in volume annually.
Its clients include Santander, BBVA, Itaú, Fiserv, Bac Credomatic, Niubiz and Banco Estado de Chile, among others.