Recharge.com, which has designed a selection of consumer-branded payments, has raised $35m in its Series B funding round.
SmartFin served as the lead investor, with contributions also coming from Prime Ventures and Kreos Capital.
With the funding, Recharge is looking to bolster its global expansion efforts, which includes bolstering its presence in the US market, as well as entering new markets in Asia, Latin America and the Gulf Cooperation Council.
Alongside this, Recharge plans to enhance its mobile app with a selection of new services and features, as well as build its own financial services and banking products.
The company claims this is one of the biggest investment rounds raised by a Dutch startup this year.
Recharge claims there has been a boom in the branded payments market, with the space expected to be worth $5trn in 2025 – a rise from $3trn this year.
The FinTech company claims the market is flooded with inconvenient and expensive offline brick and mortar sales points. Whereas, Recharge offers a digital alternative for brands including Apple iTunes, Spotify, Xbox, PlayStation, Netflix and more. Recharge offers branded payments for more than 750 brands.
The company currently has three million customers with sales of over $500m growing at 50% year-over-year.
SmartFin founder Jürgen Ingels said, “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.
“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.”
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