Rodrigo Teijeiro maps RecargaPay’s journey, the unique opportunities in Latin America fintech, and his thoughts on building a global business from Miami
By Riley Kaminer
Rodrigo Teijeiro, founder and CEO of RecargaPayhas traveled two decades in the fintech space to make RecargaPay one of Brazil’s leading payment platforms.
RecargaPay has transformed the way Brazilians manage their finances, from basic bill paying to complex Buy It Now (BNPL) purchases – a service used by around 80% of Brazilian credit card holders.
In 2023, the company reached over $200 million in revenue, representing 55% year-over-year growth and forecasting similar gains for 2024. RecargaPay is profitable, with a flow of cash flow positive, since 2022. Fully remote team of 600 employees supports RecargaPay’s business. more than 9 million customers. The company has raised a total of $152 million in funding, including from Miami investors IDC Ventures, Fuel Venture Capital, TheVentureCity and serial entrepreneur Martin Varsavsky.
We sat down with Teijeiro to discuss RecargaPay’s growth story, Brazil’s fintech landscape, and his advice for Miami’s budding tech entrepreneurs.
This interview has been condensed and edited for clarity.
Refresh Miami: Tell us about RecargaPay’s journey. What inspired you to create this platform?
Rodrigo Teijeiro: I have been working in this industry for over 20 years, but the RecargaPay journey really began in 2010. At the time, we operated one of the largest social networks in Latin America and a card business visit. Although both were profitable, their growth was limited. We wanted to tackle a problem that was not yet resolved. With 600 million people in Latin America and over 80% of phone users on prepaid plans, we saw an opportunity in mobile top-ups. People were still queuing to buy credit, even though it was a digital service.
We launched RecargaPay to allow users to recharge their phones from home. Soon, we realized that the demand existed not only for mobile recharges, but also for broader payment options. By 2015, we had expanded into several countries, but I decided to double our presence in Brazil. Today we are a one-stop financial platform where users can deposit money, earn interest, pay bills, get loans and even access microloans, all within the app.
Why did you decide to focus on Brazil?
To build a major business in Latin America, you need a strong presence in Brazil. Many entrepreneurs make the mistake of starting in smaller markets like Argentina or Colombia, then trying to expand into Brazil later. I noticed that some companies were successful by focusing on Brazil early on, so I decided to follow that model. It is the most complex and competitive market in Latin America, but also the one with the greatest potential.
Could you explain the concept of a “super app” and why it is relevant to RecargaPay?
In the United States, apps tend to focus on one or two functions, such as Venmo for payments or Twitter for messaging. But in countries like Brazil, users enjoy a more comprehensive app experience. A super app brings together many services, which adds value to users and increases their engagement. With RecargaPay, we have created an application where users can perform a wide variety of financial tasks: from recharging their phone to paying any bill, to sending money through Pix, the payment system fast payment from Brazil. I think this all-in-one experience will set RecargaPay apart in the long run.
What makes the Brazilian fintech sector unique and what can we, as non-Brazilians, learn from it?
Brazil has become a leader in digital payments, largely thanks to Pix, an instant payment system introduced by the Central Bank of Brazil. Pix allows people to transfer money instantly and without fees, which has driven widespread adoption and made Brazil a model for other countries. Combined with open finance, this has created more competition and lowered costs for consumers. Other countries can learn from how Brazil’s central bank has encouraged interoperability and low-cost transactions. The success of Pix shows the potential of fintech to create a more inclusive financial ecosystem.
You’ve lived in Miami for eight years now. How does Miami compare as a hub for starting a business?
I moved from Argentina to Miami and it was a very intentional choice. On the one hand, the time zone makes it easier to manage remote work in Latin America. Direct flights from Miami International Airport to Latin America and Europe are also a huge plus. And at the time, Miami was much more affordable than New York or San Francisco, which was important since I was raising two kids. Additionally, Miami is a cosmopolitan city with a large Latino population, making it an ideal landing point.
The city has changed a lot over the past eight years. At the time, people thought moving here meant I was “retiring” or looking to party. Today, Miami is recognized as a technology hub. COVID and the rise of remote work have brought a wave of talent and businesses here. Today, there are CEOs and executives running successful businesses from here, particularly in Key Biscayne, where I live.
What advice would you give to emerging entrepreneurs in Miami?
First, build something you truly believe in, because this path is not easy. Find product-market fit and work towards profitability from the start. Today, it’s cheaper than ever to start a business: cloud services, AI, and open source tools have made it possible to build quickly with fewer resources. Aim for profitability to gain leverage in financing conversations. There is no need to raise huge amounts of capital to prove your model; instead, focus on achieving results with the resources you already have. This will position you well for growth, whether you’re in Miami or elsewhere.
Finally, what’s next for RecargaPay?
We started with mobile top-ups, and now these transactions represent a tiny fraction of our payment volume. Pix has transformed our business, with over 80% of our transactions now going through Pix. We are just starting to offer open finance and credit products, so there is significant room for growth. Ultimately, our goal is to be a complete financial solution for consumers and merchants. We’re building a platform where users can do everything – from depositing funds to accessing loans and paying bills – all in one place. With advances in machine learning and AI, we are just getting started.
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I’m a Miami-based technology researcher and writer passionate about sharing stories about South Florida’s tech ecosystem. I particularly enjoy learning about GovTech startups, cutting-edge applications of artificial intelligence, and innovators leveraging technology to transform society for the better. Still open for locations via Twitter @rileywk or www.RileyKaminer.com.