The online payments industry accelerated and touched new heights during the pandemic. Consolidated payment options are also gaining traction and branded payments provider Recharge.com has now announced raising £8.62 million in a debt funding round.
With the new funds, the European fintech aims to further enhance its mobile offering, extend its product range and accelerate its international expansion. London-based Kreos Capital, who specialises in providing financing for high-growth companies, was a major contributor for the company’s latest funding round.
Further, Recharge.com has also appointed serial fintech entrepreneur Michael Kent as its new non-executive chairman. Kent founded and scaled global cross-border payments companies Small World and Azimo along with UK neobank Tandem.
In an exclusive conversation with UKTN, Recharge.com’s CEO Günther Vogelpoel tells us more about the company, how it is changing the current status quo on branded payments and how Michael Kent’s appointment affects the company’s goals for 2021.
A one-stop shop solution
Branded payments are payment products and solutions that connect brands to their users for services paid for in advance. Recharge.com offers the service and is a leading one-stop-shop for all branded payment needs. The company says that branded payments form the financial infrastructure that caters to the financial needs of billions of consumers around the world.
“You’ll recognise branded payments in the likes of gift cards, mobile call credit or prepaid payment cards. Recharge.com delivers these products on one digital platform, offering a unique and seamless experience in one marketplace using our proprietary technology,” notes Vogelpoel. The company’s offerings range from Netflix and Spotify vouchers to digital vouchers for brands and entities such as Google, Xbox, PlayStation, among others.
The branded payments industry is also touted to be a fast-growing billion-dollar global industry, which is rapidly being disrupted by digital. Vogelpoel adds, “This shift to digital is driven by the rise of e-wallets and alternative payment, the increase in demand for privacy, the growing need for digital cross-border transactions, rapid smartphone penetration, and the fact that traditional players are still predominantly offline — all turbo-charged by COVID-19.”
Product growth, international expansion and more
Recharge.com currently operates in over 150 countries and in more than 9 languages. It is already present in the UK selling International Mobile top-up and will expand even further in April this year to include gaming, entertainment, shopping and prepaid money card products. The startup will also expand further in North America and enter new regions including Latin America and the GCC.
Founded in 2010 and headquartered in Amsterdam, Recharge is one of Europe’s fastest-growing technology companies. It raised over £25.8 million in primary, secondary and debt transactions from investors such as Prime Ventures, Kreos Capital and Rabobank. Today over 2.5 million people use kits services to process payments over £387.78 million annually.
The main draw of Recharge.com is its combined experience. “It sets itself apart from the competition by connecting multiple verticals, that were traditionally served separately in offline channels, into a one-stop-shop digital platform to deliver branded payments instantly,” Vogelpoel notes.
Micheal Kent’s appointment as the new non-executive chairman is expected to have a notable impact on the company. “Michael Kent brings with him unparalleled experience in the front seat of numerous cross-border payments companies as a serial fintech entrepreneur and investor,” Vogelpoel says. “Our goals for 2021 is to achieve global leadership and Michael’s wealth of knowledge in this sector will further strengthen them.
“The Recharge Group’s proprietary technology and knowledge of key markets leave it perfectly positioned to capitalise on this trend. I look forward to bringing my experience to an already exceptional business,” adds Kent.