Digital gift cards firm Recharge announces £38 million facility with ABN AMRO to fuel M&A strategy

Recharge, a European specialist in online prepaid payments, has secured a £38 million facility with ABN AMRO. It says that the funding will enable the company to “drive consolidation across markets, open new segments and overall strengthen its position in the prepaid payments industry”.

The £38 million facility is part of a broader strategy to leverage strategic acquisitions as a growth driver.

Combined with Recharge’s cash reserves, and following previous funding rounds, it lays claim to a substantial war chest for identifying and integrating high potential businesses in key markets. The company aims to close two to three deals in 2025.

Bas Janssen, senior banker Digital and Consumer clients, ABN AMRO, says: “We are proud to support Recharge as they continue to scale and innovate in the prepaid payments sector. ABN AMRO is on a trajectory to become the preferred tech bank in the Netherlands and North West Europe.”

“This collaboration reflects our appetite to support digital transformation - one of our three strategic pillars. We see great promise in Recharge’s growth trajectory as they broaden their reach within the global prepaid payments space.”

Recharge’s CEO, Günther Vogelpoel, comments: "This new facility comes at a pivotal time for Recharge as we embark on the next phase of our journey. 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.”

2024 RTIH INNOVATION AWARDS

Payments were a key focus area at the sixth edition of the RTIH Innovation Awards.

The awards celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering.