RecargaPay closes a $70 million Series C

– RecargaPay, a Brazil-based fintech that allows users to top off their prepaid cell phones online, announced this morning that they’ve closed their $70 million Series C.
– The company, which operates solely in Brazil, was launched in 2010 by Miami-based serial entrepreneur Rodrigo Teijeiro, who is co-founder and CEO.
– Unlike in the U.S. where most people have a cell phone plan through a major carrier, in Brazil — a country where the minimum wage is currently $1,100 reals per month (roughly $202 USD) — many people must buy calling cards at local shops to add credit to their phones, which allows them to avoid a monthly recurring bill.