Coda accelerates global expansion with acquisition of European payments platform Recharge

Amsterdam-based Recharge, a leading prepaid payments platform, has been acquired by Singaporian company Coda, a leader in digital content monetisation, to collectively serve the full digital content economy across both B2B and B2C.

The transaction brings together two profitable regional innovators with scaled businesses, complementary strengths and a shared ambition to lead the future of global digital distribution and monetisation. The transaction is backed by Apis Partners, Insight Partners, Smash Capital alongside Coda’s other investors.

“Joining forces with Coda gives us the opportunity to take everything we’ve built – from our platform to our partnerships – and extend it globally to truly become the global leader we set out to be. With complementary strengths and a shared DNA, this unique combination sets us up to create even more value for the brands, publishers, and customers we serve,” said Günther Vogelpoel, CEO of Recharge.

Recharge is innovating in digital prepaid payments, connecting global brands with their customers through platform solutions. With multi-country digital storefronts like Recharge.com and Startselect.com, Recharge enables users to access prepaid payment products from multiple locations. The company also powers B2B digital rewards and incentives, helping businesses acquire, engage, and retain customers with Giftcloud.

Trusted by companies such as Apple, Google, Vodafone and PlayStation, the company has been driving convenience and innovation in the prepaid ecosystem since 2010, partnering with over 1,000 brands and service providers worldwide.

With over 16,000 products spanning gaming, mobile, gift cards, and lifestyle, Recharge combines a marketing-led, consumer-first approach with established brand equity and a user base of more than 8 million.

“At Recharge, we’ve focused on building the technology platform that connects and scales the prepaid payments ecosystem – enabling seamless transactions between users, products, and brands through smart, data-driven infrastructure,” added Vogelpoel. “That focus, combined with a passionate team that consistently executes with precision, and pace, has allowed us to scale a profitable and trusted business across Europe and beyond.”

Coda is innovating in digital content monetisation. They are trusted by 300+ publishers – including Activision, Electronic Arts, and Riot Games – to grow their audiences and revenue worldwide. Their out-of-app solutions include Custom Commerce, a fully customisable web store; Codapay, which enables seamless direct payments through a single API integration on publishers’ websites; Codashop, a marketplace for millions of gamers to purchase in-game content; and Distribution, which extends content reach through a network of trusted commerce partners.

Coda distributes more than 500 titles from over 300 publisher partners and powers webstores for flagship franchises such as Call of Duty: Mobile and EA SPORTS FC Mobile. With a network of over 400 local payment channels, Coda aims to offer consumers better value and more choice.

“This transaction brings together two regional commerce leaders with distinct but highly complementary strengths. At Coda, we’ve focused on scaling our B2B capabilities alongside, working with the world’s leading digital publishers to maximise their revenue – particularly in high-growth, complex markets across Southeast Asia. […] Most importantly, we’re bringing together two teams that share the same values: ambition, collaboration, and commercial sharpness. That gives us a strong foundation to lead the next chapter in global digital content distribution and monetisation,” said Shane Happach, CEO of Coda.

The acquisition accelerates Coda’s expansion beyond gaming and strengthens its ability to serve the broader digital content economy – across categories, customers, and continents – by extending its presence in Europe and building on its direct-to-consumer capabilities.

For Recharge, the deal brings B2B expertise, access to deeper partnerships with top-tier digital content publishers, and a proven playbook for growth in high-growth markets, especially across Asia.

Based on 2024 figures, the combined business would have processed more than €1.5 billion in sales, served over 200 million customers, and operated in upwards of 180 markets.

“We’ve long admired what the Recharge team has built – a profitable, consumer-focused business with top global brands and real depth across Europe,” added Happach.

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