Annual Report & Accounts FY23

2023

Year by the numbers

+€500M

Annual Sales

€55.8M

Revenue

€4.1M

EBITDA

+5M

Active Customers

1.1M

App Downloads

16k

Products

3.0

LTV/CAC

Nationalities

Our success is thanks to the compounded effect of execution by our teams

Dan Martins

CPTO

Fabian Spaargaren

CCO & CEO Startselect

Martine Tiemersma

COO

We're continuously developing our platform. We do this by reimagining our technology stack from the ground up helping us to make the bold choices we need so we can move faster and consistently deliver value to customers.

By optimising our marketing spend and focusing on customer lifetime value, we've been able to drive efficient growth and build stronger relationships with our users.

As we continue to expand, our approach when it comes to operations, is to stay lean and adaptable, allowing us to swiftly address challenges and seize opportunities in our quest for global reach.

What we are most proud of

Robust revenue growth

In 2023, our revenue soared by 20%, reaching €55.8M, compared to €44.8M in 2022, demonstrating our strong performance and the successful execution of our growth strategy whilst the wider ecommerce market experienced difficulties.

Delivering positive EBITDA

With great operational efficiency and our strategic initiatives, we successfully shifted to profitability, significantly reducing our loss from negative €6.1M in 2022 to €4.1M in 2023, underscoring our financial resilience and commitment to sustainable growth.

Crossing €500M in sales

2023 marked a landmark year for Recharge as we surpassed €500 million in sales (GMV). This milestone underscores our robust business model and customer trust, positioning us as leaders in the prepaid payments market and setting the stage for our continued growth and innovation.

Strategic regulatory milestone

In December 2023, we marked a pivotal advancement by applying for an EMI licence with the De Nederlandsche Bank, enhancing our compliance posture and operational capability, and paving the way for future growth opportunities in regulated financial services.

Technology powerhouse

We made significant investment in our future product innovation to better serve our customers and partners. With the results set to be delivered in 2024 we aim to set new industry standards for efficiency, scalability, and user experience in the prepaid ecosystem.

Our team are one in a million

Ramon

COO Startselect

Catalina

Business Controller

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Message from the CEO

Reflecting on our path through 2023, I look back on it with a profound sense of achievement and optimism.

We have taken Recharge, despite the challenging landscape of the e-commerce market which has seen a general decline, has pushed forward to new heights.

In 2023, we achieved substantial growth of 20%, with our revenue reaching €55,8M up from €44,8M in 2022. This growth reflects the trust and confidence our customers and partners place in us. More so, it shows signs of how we will be able to further scale to greater heights in the coming years.

A milestone that I am particularly proud of has been our shift to positive EBITDA. Through meticulous planning, tough choices and relentless pursuit of operational efficiencies, we turned around our financial performance, showcasing a significant improvement from negative EBITDA of €6,1M in 2022 to €4,1M in 2023.

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