Geopagos Receives US $35 Million in a Round led by Riverwood Capital
- Fundraising News
- 08.08.2022 10:30 am
Geopagos, the payment acceptance infrastructure with the most comprehensive omnichannel offering in Latin America, has announced that it has received a $35 million equity round led by Riverwood Capital, a global investor in high-growth technology companies, with participation in Endeavor Catalyst. The round represents the company’s first institutional financing and will facilitate the acceleration of its expansion plan in Latin America while increasing investments in its technological infrastructure.
Geopagos provides an infrastructure through which it develops end-to-end digital solutions for large financial institutions, fintechs, retailers and software companies, among others, that want to launch or scale their payment acceptance business in the region. The company was founded in 2013 by Sebastián Núñez Castro, Julián Lisenberg, Fernando Tauscher, Raúl Oyarzun and Damián Harburguer. As part of this investment, Alex Porto of Riverwood joins the Geopagos Board of Directors.
With a presence in 15 countries in Latin America, Geopagos’ infrastructure processes more than 150 million transactions and more than USD 5 billion in volume processed annually. Its main clients include companies such as Santander, BBVA, Itaú, Fiserv, Bac Credomatic, Niubiz, Banco Estado de Chile, among others.
Sebastián Núñez Castro, CEO and co-founder of Geopagos, said: “Since our inception we set out to make payment acceptance easier and more accessible, helping our customers launch successful and innovative products through a robust and comprehensive solution that can provide a superior consumer experience, generating customer loyalty. Throughout these years, we have built a consolidated and profitable business, and we are convinced that this was the opportune time to accelerate the growth of the business by expanding our infrastructure throughout Latin America and investing more in R&D. We are excited to continue this new stage together with Riverwood, whom we consider the ideal partner, as it has a 15-year track record of supporting technology companies globally, a leading presence and reputation in the region, and is extremely selective with the destination of its investments.”
The funds received will be used for the development of new products in order to expand geopagos’ omnichannel proposition, in addition to enabling new payment acceptance methods and opening its API platform for companies to accelerate time to market.
“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,” said Francisco Álvarez-Demalde, co-founder and managing partner of Riverwood Capital. “We are excited to partner with this extraordinary team as they invest heavily to bring disruptive and trusted products to Latin America by consolidating the use of digital payments at a critical time of change for the region as more companies actively enter into the acquisition and integration of payments into their offering.”