Recharge Acquires Startselect, Strengthening Position in the Prepaid Payments Industry

Recharge, a prominent player in the prepaid payments industry, has successfully acquired Startselect, a European digital gift and gaming card company. This strategic move positions Recharge to generate an estimated 750 million EUR in annual sales 2024.

Since its establishment in 2010, Recharge has experienced remarkable growth as an online “supermarket” for digital gift cards and mobile top-ups. Recognizing the increasing demand for convenience in gift card purchases, Recharge was one of the first companies to offer easy online access to prepaid cards through webshops and apps. With over 100 million transactions processed, Recharge has become a trusted platform for customers worldwide.

This acquisition marks Recharge’s first step in its M&A strategy to consolidate the digital prepaid payments market and solidify its global leadership position. The company aims to complete 2-3 more acquisitions within the next year, utilizing the current macroeconomic conditions as an opportunity for expansion.

Startselect, the acquired company, has a strong reputation for providing a high-quality digital marketplace for gamers, offering a wide range of gaming products. By integrating Startselect into its portfolio, Recharge strengthens its prepaid product offerings, particularly in the gaming cards market.

Günther Vogelpoel, CEO of Recharge, emphasizes the value of consolidation in the fintech industry and expresses excitement about the collaboration with the Startselect team. By combining their strengths and capabilities, Recharge aims to establish a powerful competitive position and enhance their service to prepaid users worldwide.

Max Gudden, Founder of Startselect, commends the efforts of his team in achieving this milestone and looks forward to the new chapter ahead. Joining forces with Recharge will enable Startselect to reach new heights and continue its growth trajectory.

This acquisition follows Recharge’s recent expansion into the U.S. and Canada through its collaboration with Blackhawk. Startselect will expand Recharge’s consumer label offering, which includes various global and country-specific labels. With the addition of Startselect, Recharge further expands its global network of digital marketplaces, offering a wide range of prepaid payment products.

Sources:
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