Latin American payments infrastrucutre provider Geopagos has secured its first institutional funding with a $35 million equity round led by Riverwood Capital.
Geopagos provides a tech backbone for large financial institutions, fintechs, retailers and software companies that want to launch or scale their payment acceptance business in the region.
With a presence in 15 countries in Latin America, Geopagos’ infrastructure processes more than 150 million transactions and more than $5 billion in volume annually. The client list includes the likes of Santander, BBVA, Itaú, Fiserv, Bac Credomatic, Niubiz, and Banco Estado de Chile.
The funds received will be used to expand the company's presence in the region and for the development of new embedded payments products.
Francisco Álvarez-Demalde, co-founder and managing partner of Riverwood Capital, comments: “Latin America is a market with very low card penetration and Geopagos is well positioned as a software enabler and infrastructure provider to boost card acceptance and digital payments across the region.”