Dutch Fintech Recharge has raised $35 million in Series B funding led by new investor SmartFin and existing investors Prime Ventures and Kreos Capital. According to a release, the new investment is one of the largest in a Dutch startup this year.
Recharge says that currently, over 3 million people use its services to process over $500 million of payments every year. Available in 150 different markets, Recharge claims title as the European leader in online consumer-branded payments. Recharge offers a digital alternative via proprietary partnerships for all various brands through its global online platform including Apple iTunes, Spotify, Netflix, and others. The company predicts it will reach over $1 billion in payments within the next 2 years.
This funding round will be used to accelerate its expansion in the US market and new markets in Asia, Latin America, and the GCC. Recharge says it will also introduce its own financial services and banking products for its customers.
Günther Vogelpoel, CEO of Recharge, commented on the funding round:
“This new funding unlocks the next phase of growth for Recharge.com. It also demonstrates the real impact we make every day for consumers who use branded payments. I am grateful for the support and trust of our current shareholders Prime Ventures, Kreos Capital and Committed Capital. We are delighted to welcome Smartfin, one of Europe’s leading equity firms, as our new shareholder. The founder, Jürgen Ingels will also join as a board member. Mr. Ingels impressive track record in payments will be a great support for Recharge in the next phase of our growth. I am excited to continue our adventure, together with the awesome team of Recharge. Looking at the growth potential we have, It still feels as if we are only scratching the surface, there is so much more to come.”
Ingels sees the Recharge platform as 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. I’m personally excited to get again involved in a sector I love and I look forward to contributing to the further international growth of Recharge.”