Published On: Fri, Mar 26th, 2021

European branded payments startup Recharge raises $11.8M debt turn led by Kreos Capital

Online branded payments now run a progression of anything from Spotify vouchers, Netflix vouchers, Neosurf, PaySafe cards, and all in between. Consumers use them to compensate for a accumulation of things. In Europe, they are an increasingly vast business. Now, European branded payments fintech Recharge.com has lifted €10m ($11.8m) in a debt appropriation turn led by London-based Kreos Capital, a expansion debt provider for high-growth companies. In 2019 a Dutch startup (formerly Creative Group) took investment of €22m from Prime Ventures.

In 2019 a Dutch fintech Creative Group, that owns a Recharge.com and Rapido.com brands, took investment of €22m from Prime Ventures.

Recharge has also allocated Michael Kent – who formerly founded payments companies Small World and Azimo, along with UK neobank Tandem – as a non-executive chairman.

Recharge.com says it skeleton to use a appropriation to extend a mobile offering, product range, and enhance in regions such as North America, Latin America and a GCC. It’s also aiming for sales of €450m in 2021.

Günther Vogelpoel CEO of Recharge.com pronounced in a statement: “We live in a universe of present wish fulfillment, from taxis that seem on direct to same-day smoothness of consumer goods. Recharge.com gives business a fast, protected and elementary approach to perform their wishes, either that’s an essential remittance or entrance to digital products and services.”

Commenting, Kent said: “The epoch of supermarket present cards and mobile top-ups is sketch to a close. Branded payments have exploded during a tellurian lockdown as consumers find digital alternatives to a high street. People are now wakeful that online branded payments are safe, fast, and convenient.”

Through a operation of digital vouchers from brands including Apple, Google, Spotify, Xbox and PlayStation as good as cross-border remittances of call, information credits etc Recharge is aggressive a marketplace from a consumer angle.

The biggest association in this space is Blackhawk networks that is owned by private equity organisation Silverlake. It’s deliberate a vast actor in Europe that has a direct-to-consumer model.

As Kent told me over a Zoom call: “Nobody indeed owns a consumer side of this business globally so that’s a vast opportunity.”

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