Dutch eCommerce fintech Recharge.com bags $35m Series B
The fintech processes more than $500m of sales every year, with a goal of reaching $1bn per year within the next two.
There’s no shortage of fintech funding in Europe, and Dutch fintech Recharge.com has just bagged a healthy Series B.
The online payment platform just closed its $35m funding round, led by new investor SmartFin and existing investors Prime Ventures and Kreos Capital.
Recharge will use the fresh cash to realise its expansion plans across Asia, Latin America and the Middle East.
Reaping the rewards of the eCommerce boom, Recharge now serves more than 3m customers with sales of over $500m per year, growing at a rate of 50 per cent year-on-year—and expected to hit $1bn within the next two years.
Recharge offers customers the chance to shield their personal information through branded payments, meaning that a user doesn’t have to input their billing information every time they pay, reducing the chance of fraud.
“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,” Günther Vogelpoel, CEO of Recharge.com said.
“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.”
As well as leading the funding round, founder of SmartFin Jürgen Ingels will also join Recharge.com’s board to help it navigate its growth plans.
"The Recharge platform as branded payment infrastructure provides a perfect basis to expand to other kinds of offerings,” incoming board member and venture capitalist Jürgen Ingels added.
“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."