Payments platform Recharge charges up with $35 million

Amsterdam-based Recharge has raised $35 million in a Series B funding round. The startup operates in over 150 markets around the world, processing transactions that connect customers with global brands. The new funding is expected to spearhead a US market entry, power-up presence in existing markets in Asia, Latin America, and the Middle East, and here’s the interesting move, introduce their own financial services and banking products.

Estimated to be worth $3+ trillion today, and rising to $5 trillion by 2025, the branded payments market has seen a boom in recent years, putting Recharge in a commanding position. While still vastly serviced by brick and mortar sales points, if the pandemic has taught us nothing else, the ‘physical world’ rulebook has been tossed out the window, and is rapidly being replaced by the ‘virtual world’.

Offering a digital alternative, Recharge offers vouchers from brands including Apple, Google, Spotify, Xbox, PlayStation, and Netflix, to name a few. The company reports serving over 3 million customers, with sales of over half a billion, and growing 50% year-over-year. Based on these figures, the company expects to reach over $1 billion within the next two years.

Recharge’s Series B round was led by new investor SmartFin and saw participation from existing investors Prime Ventures and Kreos Capital.

SmartFin’s founder Jürgen Ingels comments, “The Recharge platform as branded payment infrastructure provides a perfect basis to expand to other kinds of offerings. After looking at different European players we believe that Recharge offers a great opportunity within the payment space. Integrating brands and payments while providing maximum flexibility to the customer is the way to go.”

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