The prepaid payments business said it intends to close two to three acquisition deals this year.Fintech start-up Recharge has secured a €45m debt facility via a partnership with Dutch bank ABN AMRO in order to advance its mergers and acquisitions strategy.
Established in 2010, the Amsterdam-based company, which was originally called Creative Group, employs around 150 staff and focuses on online prepaid payments.
According to Recharge, it will use the funding to “drive consolidation” across markets, “open new segments” and “strengthen its leadership position” in the prepaid payments industry. The business added that it aims to close two to three acquisition deals this year.
Recharge said that it enjoyed 30pc year-on-year revenue growth in 2024 and that it aims to reach more than €1bn in sales in 2025.
The company said that it will leverage its cash reserves, along with previously raised funds, in order to create a “war chest”, which it will use to further its mergers and acquisitions strategy.
Commenting on the latest announcement, Recharge’s CEO, Günther Vogelpoel, said that the debt facility comes at a “pivotal time” for the start-up.
“I am excited to partner with ABN AMRO, whose support enables us to accelerate our growth strategy and reshape the prepaid payments landscape on our terms,” Vogelpoel added.
Bas Janssen, senior banker with ABN AMRO, said that the bank sees “great promise in Recharge’s growth trajectory as they broaden their reach within the global prepaid payments space”.
In 2023, Recharge acquired Startselect, a Dutch digital gift and gaming cards company, in an effort to strengthen its digital voucher services.
Recharge raised €22m in a funding round in 2019 from Prime Ventures, and in 2021, it closed a $35m funding round which was led by investors SmartFin, Prime Ventures and Kreos Capital.
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