Recharge, the market leader in consumer-branded online payments in Europe has secured a $35 million Series B round of fundraising, which was sponsored by Prime Ventures and Kreos Capital as well as new investor SmartFin. The company will be able to further speed its ambitious international expansion thanks to the new investment, one of the largest into a Dutch startup this year.
The investment announcement for Recharge comes at a time when the industry for branded payments, which is currently valued at $3+ trillion and is expected to reach $5 trillion by 2025, is booming. Inconvenient and pricey offline brick & mortar sales points continue to underserved this consumer sector in considerable amounts.
Through its global web platform, Recharge.com provides a quick, secure, and easy digital alternative for all of their customers’ favorite brands, including Apple iTunes, Spotify, Netflix, and many more.
Over 3 million users use the Recharge platform now, and its sales of over $500 million are increasing at a rate of 50% annually. Within the next two years, the company aims to surpass $1 billion in sales.
Expansion and Growth
This most recent round will be utilized to quicken the company’s growth in the US market as well as additional new markets in Asia, Latin America, and the GCC. The company will also increase its investment in new services and features that will improve the value of its mobile app. In order to provide its consumers with even better service, Recharge.com also intends to launch its own banking and financial services.
Investment
The next phase of expansion for Recharge.com is unlocked by this fresh capital, according to Günther Vogelpoel, CEO of Recharge.com. It also exemplifies the genuine difference we create for customers who utilise branded payments every day. I am appreciative to Prime Ventures, Kreos Capital, and Committed Capital, our current owners, for their backing and confidence.
One of the top equity firms in Europe, Smartfin, is a new shareholder that we are thrilled to welcome. Jürgen Ingels, the founder, will also join the board as a member. Mr. Ingel’s exceptional payment track record will be a huge help to Recharge in the following stage of our development. Together with the amazing Recharge team, I can’t wait to carry on our adventure. There is still so much more to come when we consider the growth potential we have. It feels like we are just scraping the surface.
Recharge Growth and Expansion
Jürgen Ingels, CEO and founder of venture capital firm SmartFin says: “The Recharge platform’s branded payment infrastructure offers the ideal foundation for the expansion of services to additional categories. We think that Recharge presents a fantastic possibility within the payment market after examining several European companies. The best approach is to integrate payments and brands while giving customers as much flexibility as possible. In terms of myself, I’m thrilled to get back into a field I adore, and I look forward to helping Recharge expand internationally.”
About Recharge
Recharge is the top subscription management tool, assisting online retailers of all sizes with the launch and expansion of subscription offers. With the goal of boosting revenue and customer lifetime value while lowering operating expenses and churn, Recharge’s subscription billing and payment management solutions are made to assist merchants in expanding.
Currently, Recharge manages subscriptions for over 50 million customers across 15,000 merchants, including quickly expanding companies like Geologie, Keap Candles, Dropps, and Bokksu. With more than 500 team members spread across 15 different countries, Recharge is a remote-first business.
Conclusion
Recharge is a company that just raised $35 million in funding for their payments platform. We’ve been working with them for a couple of years now, and have been very impressed with their team and the progress of the company. The $35 million will allow the company to grow its team, add new features, and continue to expand its platform. We’re excited to see what the future holds for Recharge.
FAQs
Ans. The pioneer in online consumer-branded payments in Europe is Recharge.com. The business connects clients with top global brands through millions of online transactions each year while operating in over 150 regions worldwide.
Ans. Recharge is located in Santa Monica, California, United States.
Ans. It was founded in 2014.
Ans. With a few RPC endpoints to facilitate typical actions, the Recharge API is mostly a REST API. It employs conventional HTTP response codes, authentication, and methods, accepts JSON-encoded request bodies, delivers JSON-encoded replies, and has predictable, resource-oriented URLs.
