Amsterdam-based fintech Recharge has acquired UK digital gift company Giftcloud as it expands into the B2B digital rewards market. Recharge is a digital voucher and prepaid card fintech that employs around 150 staff. Its partners include Apple and Spotify.
It recently secured a €45m debt acquisition facility to help fuel its international M&A activity. Giftcloud, whose customers include Vodafone, Sky, and TalkTalk and which employs around 20 staff, is being sold by US e-commerce marketplace Groupon, which purchased Giftcloud in 2019 for $65m.
Giftcloud helps brands and retailers build loyalty programmes. Financial details of the deal were not disclosed. The acquisition will expand Recharge’s footprint in the UK, its third-largest market, and Recharge will now look to further grow across Europe.
This is Recharge’s second recent key acquisition, following the purchase of Startselect, the digital gift and gaming card firm.
Günther Vogelpoel, CEO of Recharge, said: "This move is a deliberate step into B2B.
“We see huge potential for prepaid in customer acquisition, loyalty, and employee engagement. Giftcloud gives us a foundation to grow that proposition further in the UK and across Europe—backed by Recharge’s digital infrastructure and partnership."
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