This latest round will be used to further accelerate its expansion in the US market and further new markets in Asia, Latin America, and the GCC. In addition, the business will invest further in the enhancement of its mobile app proposition with new services and features. Recharge.com also plans to introduce their own financial services and banking products to serve their customers even better.
Today the Recharge platform serves over 3 million customers with sales of over USD 500 million growing at 50% year-on-year. The company expects to reach over USD 1 billion within the next 2 years.
According to the press release, Recharge’s funding announcement coincides with a boom in the branded payments market, which is estimated to be worth USD 3 trillion in 2021 and rising to USD 5 trillion in 2025, according to the press release. Recharge.com offers a fast, safe & simple digital alternative via proprietary partnerships for brands through their global online platform including Apple iTunes, Spotify, Netflix and more.