Singapore-based Coda has completed the €400 million acquisition of Amsterdam fintech Recharge, marking the largest fintech takeover in the Netherlands.
Singapore’s digital payments leader Coda has finalized the takeover of Dutch company Recharge, a platform for prepaid cards, gift vouchers and mobile top-ups. The deal, valued at no less than €400 million, represents the largest fintech acquisition in Dutch history.
Recharge had long been on the market and attracted interest from several parties before Coda closed the deal in July. Combined, the two companies serve over 200 million customers in 180 markets and processed $1.75 billion in transactions in 2024. They expect to surpass that figure in 2025.
Coda CEO Shane Happach said Recharge adds a strong consumer division, skilled team and a complementary product portfolio. Recharge CEO Günther Vogelpoel sees the acquisition as a launchpad to global scale: “Together we have the size to realize our ambitions.”
Both firms’ brands, including Recharge.com, Startselect and Giftcloud on the Dutch side, and Codapay and Codashop from Coda, will continue to operate without disruption. Teams will also remain at their current locations.
Though little known to consumers, Recharge plays a key role behind the scenes, connecting issuers such as Apple, Sony PlayStation and Bol.com with end-users. The integration with Coda opens new markets, particularly in North America and Asia.
The deal is backed by Coda’s investors, including Apis Partners, Insight Partners and Smash Capital. Existing Recharge shareholders, such as Dutch investor Prime Ventures and Belgian fund SmartFin, have fully exited.
