Recharge acquires digital gift card marketplace Startselect, eyes €750 million in annual sales

Recharge, which operates in the prepaid payments industry, has announced its acquisition of Startselect, a European digital gift and gaming cards company.

Financial terms of the deal were not disclosed. Recharge labelled it a “significant move” which “positions the company on course to generate €750 million in annual sales in 2024”.

It  offers over 16,000 digital vouchers and prepaid solutions, including gift cards, gaming cards, prepaid money cards, and mobile phone top-ups.

Operating in 180+ markets worldwide, the firm was founded in 2010. It is headquartered in Amsterdam and backed by Prime Ventures, Smartfin, Committed Capital and BlackRock.

It says that the Startselect acquisition is its “first achievement in a M&A strategy to consolidate the digital prepaid payments market and further build out our global leadership position”.

Günther Vogelpoel, CEO at Recharge, comments: "Consolidation has been a theme in FinTech in the recent period and I have no doubt in the value of this combination for our company. I’m also excited to welcome the Startselect team to the Recharge family.”

“Combining our strengths and capabilities leads to a powerful competitive position in the industry. Together, with our larger scale, we can offer an even better service to prepaid users worldwide.”

Max Gudden, Founder of Startselect, says: “I feel proud of the whole team at Startselect that made this milestone possible. Being a part of Recharge starts a new chapter for us, where we can reach new heights. We are eager to continue our growth path together.”