Recharge has announced the successful acquisition of Startselect, a European digital gift and gaming cards company, positioning the company on course to generate €750m in annual sales next year.
This latest acquisition is the latest in Recharge’s ‘aggressive growth strategy’ for its online ‘supermarket’ for digital gift cards and mobile top-ups. This is the company’s first success in its M&A plans to consolidate the digital prepaid payments market.
The recent macroeconomic headwinds have unlocked momentum for M&A opportunities and the company has revealed its ambition to close another two to three acquisitions in the next 12 months.
Günther Vogelpoel, CEO of Recharge, commented: “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.”
The acquired company, Startselect, has a long standing track record of providing a high quality digital marketplace for gamers with a broad assortment of gaming products. The acquisition of Startselect helps strengthen Recharge’s prepaid product offerings, now adding Startselect’s stronghold in the gaming cards market.
Startselect will extend Recharge’s consumer label offering, which includes global shop Recharge.com and country specific labels Beltegoed.nl, Recharge.fr, Guthaben.de, Herladen.com, and Mobiletopup.co.uk.
With the addition of Startselect, the company continues to build out their global network of digital marketplaces with prepaid payment products.
Max Gudden, Founder of Startselect, added: “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.”