Paytech Recharge eyes global expansion after $35m investment
Paytech startup Recharge.com has closed a $35 million Series B funding round.
New investor SmartFin and existing investors Prime Ventures and Kreos Capital led the round, which culminated in one of the largest investments into a Dutch startup in 2021.
The online branded payments provider will use the money to expand its global footprint across the US, Asia and Latin America in what is set to be a $5 trillion dollar market by 2025.
The firm also intends to invest in its mobile offering and introduce its own financial services and banking products to its customers.
The Recharge platform incorporates digital vouchers and branded prepaid money and serves over 3 million customers with sales of over $500 million.
The company expects to reach over $1 billion in sales within the next 2 years.
Recharge CEO, Günther Vogelpoel, says SmartFin founder Jürgen Ingels will join Recharge’s board of directors, following the investment.
“Mr Ingels impressive track record in payments will be a great support for Recharge in the next phase of our growth.”
Ingels adds: “The Recharge platform as branded payment infrastructure provides a perfect basis to expand to other kinds of offerings.”