Recharge.com's total funding now stands at $71.8M. Here are the top-line bullets you need to know.
Recharge.com, a digital payments startup, has raised $35M in a Series B. The round drew participation from SmartFin Capital, Kreos Capital, and Prime Ventures.
HOW’S THE COMPANY PERFORMING?
- Amsterdam-based Recharge.com is a fintech that allows its customers to buy and send prepaid credit via mobile phone.
- Recharge.com operates in 150 different markets globally and processes about $500M in revenue on its platform each year. The company is looking to double that figure and reach $1B in annual processed revenue within the next 2 years.
- The company’s partners include Apple iTunes, Shopify, and Netflix, among others.
- Recharge.com is supported by a team of over 100 employees spread across the globe.
WHY DOES THE MARKET MATTER?
- The global digital payments market is projected to grow at a CAGR of 11.2% and reach a value of $11.29T by 2026, according to Mordor Intelligence.
- The prime drivers spurring growth include enterprises’ increasing adoption and integration of mobile payment applications, favorable government regulations, and higher smartphone penetration, among others.
- Consumer preference for cashless transactions took off amid the Covid-19 pandemic, which has increased the demand for digital payment solutions and online payment gateways.