Recharge.com, a Netherlands-based payments Fintech, has raised €10 million in debt funding, according to a statement by the company. The company said it secured the funding “largely from London-based Kreos Capital.”
Simultaneously, Recharge.com selected Michael Kent as its non-executive chairman. Kent founded global cross-border payments companies Small World and Azimo along with UK neobank Tandem.
Kent issued the following statement:
“The era of supermarket gift cards and mobile top-ups is drawing to a close. Branded payments have exploded during [the] global lockdown as consumers seek digital alternatives to the high street. People are now aware that online branded payments are safe, fast and convenient. The Recharge Group’s proprietary technology and knowledge of key markets leave it perfectly positioned to capitalise on this trend. I look forward to bringing my experience to an already exceptional business.”
Recharge.com anticipates sales of €450 million and a 50% year-on-year growth in 2021. The debt capital will be used to further enhance its mobile offering, extend its product range and accelerate its international expansion.
Günther Vogelpoel, CEO of Recharge.com, said they offer customers a fast and simple way for remittances and payments:
“With additional funding and new leadership, we’re ready to take our rapidly growing business to new audiences around the world.”
Recharge.com added that it is preparing to expand further in North America and enter new regions including Latin America and the GCC..