Amsterdam-based Recharge.com, a one-stop-shop for all branded payment needs, announced that it has raised $35M (approx €29.82M) in its Series B round of funding. The new investment, one of the largest into a Dutch startup this year, will enable the company to further accelerate its ambitious global expansion.
The current development follows the company’s recent fundraiser of €10M in a debt round from London-based Kreos Capital, which specialises in providing financing for high-growth companies.
Recharge.com claims to be one of Europe’s fastest-growing technology companies, having raised over $70M in primary, secondary, and debt transactions.
Investors in this round
The Series B round was led by new investor SmartFin – an early-stage venture capital fund with a focus on companies developing smart technologies. Existing investors Prime Ventures and Kreos Capital also participated.
With this investment, the founder and managing partner of SmartFin Capital, Jürgen Ingels, will join as a board member of Recharge.com.
Ingels says, “The Recharge.com platform as branded payment infrastructure provides a perfect basis to expand to other kinds of offerings. After looking at different European players we believe that Recharge.com offers a great opportunity within the payment space. Integrating brands and payments while providing maximum flexibility to the customer is the way to go. I’m personally excited to get again involved in a sector I love and I look forward to contributing to the further international growth of Recharge.”
The branded payments market is currently on a boom, according to Recharge.com, and is estimated to be worth more than $3T today rising to $5T by 2025.
The proceeds from this round will help the company accelerate its expansion in the US and venture into new markets in Asia, Latin America, and the Gulf Cooperation Council (GCC).
Additionally, the funds will also be invested to enhance Recharge.com’s mobile app with new services and features, as well as to introduce its own financial services and banking products.
Speaking on the fundraise, Günther Vogelpoel, CEO of Recharge.com says, “This new funding unlocks the next phase of growth for Recharge.com. It also demonstrates the real impact we make every day for consumers who use branded payments. Looking at the growth potential we have, it still feels as if we are only scratching the surface, there is so much more to come.”
“Recharge anytime, anywhere”
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 & simple for consumers via its partnerships with brands through its online platform including Apple iTunes, Spotify, Netflix, and many more.
For customers, it offers the opportunity to digitally buy or send prepaid credit to spend with their favourite brands. 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.
Currently, the company 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.
Today, the Recharge platform serves over 3 million customers with sales of over $500M growing at 50 per cent year-on-year. It expects to reach over $1B within the next two years.
In March 2021, the company announced the appointment of Michael Kent as its non-executive chairman. Kent founded and scaled global cross-border payments companies Small World and Azimo along with UK neobank Tandem.
Kent 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.”
In February 2021, Recharge.com appointed Fabian Spaargaren as its new COO. At Recharge.com, Spaargaren is responsible for global commercial operations – ensuring a fast and high-quality execution.
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