Recharge.com, the European leader in online consumer-branded payments, has closed a $35 million Series B round of funding led by new investor SmartFin and existing investors Prime Ventures and Kreos Capital. The new investment, one of the largest into a Dutch startup this year, will enable the company to further accelerate its ambitious global expansion.
Recharge’s funding announcement coincides with a boom in the branded payments market, which is estimated to be worth $3+ trillion today rising to $5 trillion in 2025. This consumer segment is still largely underserved by inconvenient and expensive offline brick & mortar sales points. Recharge.com offers a fast, safe & simple digital alternative via proprietary partnerships for all favourite brands through their global online platform including Apple iTunes, Spotify, Netflix and many more.
Today the Recharge platform serves over 3 million customers with sales of over $500 million growing at 50% year-on-year. The company expects to reach over $1 billion within the next 2 years.
This latest round will be used to further accelerate its expansion in the US market and further new markets in Asia, Latin America and the GCC. In addition, the business will invest further in the enhancement of its mobile app proposition with new services and features. Recharge.com also plans to introduce their own financial services and banking products to serve their customers even better.