Amsterdam-based branded payments company Recharge.com has raised €10M in a debt funding round from London-based Kreos Capital, which specialises in providing financing for high-growth companies.
The investment follows as the company prepares to expand further in North America and enter new markets, including Latin America and the GCC.
The company had last raised €22M in a funding round led by Prime Ventures in 2019.
In addition to the investment, the company has also announced the appointment of serial fintech entrepreneur Michael Kent as its new non-executive chairman.
Use of the funds
Recharge.com plans to use the capital to further enhance its mobile offering, extend its product range, and accelerate its international expansion.
Gunther Vogelpoel, CEO of Recharge.com, says, “We live in a world of instant wish fulfilment, from taxis that appear on demand to same-day delivery of consumer goods. Recharge.com gives customers a fast, safe and simple way to fulfil their wishes, whether that’s an essential remittance or access to digital goods and services. With additional funding and new leadership, we’re ready to take our rapidly growing business to new audiences around the world.”
Appoints Michael Kent as non-executive chairman
Kent founded and scaled global cross-border payments companies Small World and Azimo along with UK neobank Tandem.
He believes, “The era of supermarket gift cards and mobile top-ups is drawing to a close. Branded payments have exploded during the global lockdown as consumers seek digital alternatives to the high street. People are now aware that online branded payments are safe, fast, and convenient.”
Speaking about Recharge.com, Kent says, “The Recharge Group’s proprietary technology and knowledge of key markets leave it perfectly positioned to capitalise on this trend. I look forward to bringing my experience to an already exceptional business.”
Global leader for digital top-up
Founded in 2010 by Dirk Ueberbach and Robin Weesie, Recharge.com is currently led by CEO Gunther Vogelpoel – who joined the company in 2017. The company makes digital top-up fast, safe and simple for consumers around the world.
For customers, it offers the opportunity to digitally buy or send prepaid credit to spend with their favourite brands. As for businesses, its solution combines a scalable, proprietary-based tech platform with distribution power via online marketing. This enables brands to easily tap into large new markets and discover new customer segments globally.
Recharge.com currently operates in over 150 countries with 120 employees. It looks to expand even further this year to include gaming, entertainment, shopping, and prepaid money card products. By the end of this year, the company aims to reach a sales volume of €450M and 50 per cent year-on-year growth in 2021.
A new COO
Earlier this year, in February, the company appointed Fabian Spaargaren as its new COO. He brings with him a strong track history of growing high-performing digital businesses. At Recharge.com, Spaargaren will be responsible for the global commercial operations – ensuring a fast and high-quality execution. “Having a new COO will put Recharge.com in an even stronger place to continue building a truly high-quality operation, where all our customers benefit from a flawless user experience,” the company said in a statement.
