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Geopagos, an Argentinian technology startup whose clients are companies that want to launch or scale their payment acceptance business, announced the closing of a US$35 million round led by Riverwood Capital. The latter is a California-based private equity firm with an office in Sao Paulo and investments in some startups in the region, such as Petlove (Brazil), Ubits (Colombia) and Digital House (Argentina).
Geopagos presented this round as “the first institutional financing” for the company, which was founded in 2013 and has clients across 15 Latin American countries, including Santander, BBVA, Itaú, Bac Credomatic, Niubiz, and Banco Estado de Chile. He also announced that Alex Porto, principal of Riverwood Capital, was joining the company’s board of directors.
Founded in Buenos Aires by Sebastián Núñez Castro, Julián Lisenberg, Fernando Tauscher, Raúl Oyarzun, and Damián Harburguer, Geopagos offers businesses different products related to payment acceptance, ranging from terminals to convert the mobile phone into a point of sale to the transformation of a company’s website into an e-commerce platform.
Sebastián Núñez Castro, its CEO, highlighted the support of Riverwood Capital, stressing that they are very selective about the companies in which they invest. Regarding Geopagos, he said: “Over the years, we have built an established and profitable business at scale, and this is an opportune time to accelerate our investments, expanding throughout Latin America and consolidating our technology leadership by investing more in R&D.”
Francisco Álvarez-Demalde, co-founder and managing partner of Riverwood Capital, stated: “Latin America is a significantly underpenetrated card market, and Geopagos is well positioned as the software enabler and infrastructure provider empowering payment card acceptance and digital payments across the entire region.”
Main image: Raúl Oyarzun, Julián Lisenberg, Fernando Tauscher and Sebastián Núñez Castro, co-founders of Geopagos (Photo: Geopagos).