Recharge, a leading European prepaid payments platform, has amassed a €45 million debt facility. The aim is to fuel its mission in market consolidation through a series of Mergers and Acquisitions (M&A), while simultaneously branching into Fintech-style amenities that could rival bigger payment platforms.
The company uses a selection of digital vouchers from well-known brands, such as Apple, Google, Spotify, Xbox, and PlayStation, and cross-border remittances to appeal to a variety of consumer preferences. Boasting a 30% YoY revenue growth in 2024, Recharge aims to hit a revenue mark over €100 million in 2025.
Günther Vogelpoel, CEO of Recharge, viewing the funds as an opportunity for swift growth via M&A, commented, “There are various opportunities in other markets and segments that we can consolidate, especially as this industry is still so young.”
Despite its recent achievements, Recharge isn’t resting on its laurels. It is in the process of applying for an e-money license with the Dutch authorities, hinting at the company’s inclination to establish a sturdy ‘Fintech’ style platform. This shift would allow them to launch their own financial services and give them an upper hand in the quest for a company that suits their current customer base.
Recharge, which enjoys a solid profitability, anticipates investing substantially in its platform and tech features. This move into holding larger assets for clients aligns with that goal. “If we have a wallet as a central product, then we can connect other services to that wallet, like payments or cards for issuing virtual cards”, Vogelpoel said.
ABN AMRO, also seeing Recharge’s growth potential, expressed their support. In 2021 alone, Recharge raised €10 million from London-based Kreos Capital and €22 million from Prime Ventures.
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