Amsterdam-based startup Creative Group announced it has raised €22 million in funding from Prime Ventures. The funding will be used to help the company expand to 30 countries by the end of next year.
Founded in 2010, Creative Group enables customers to digitally buy or send prepaid credit to spend with their favorite brands, as well as to send cross-border credit remittances. Its solution combines a scalable tech platform with distribution power through online marketing, enabling brands to reach large markets and find new customer segments around the world.
“We are an official digital distributor for some of the world’s most powerful brands,” said Günther Vogelpoel, CEO of Creative Group. “We are excited to have Prime Ventures on board. With the growth capital they invest, we are able to further accelerate our growth internationally. Their knowledge, vast network and international contacts will enable us to meet our goal of becoming the global leader in the digital top-up market.”
With labels Recharge.com and Rapido.com, for example, Creative Group’s goal is to reach a sales volume of €200 million by the end of 2019. Recharge.com is already available in 130 countries, with 600 operators, while Rapido is now available in 13 countries.
“We will push hard and expand fast,” added Vogelpoel. “By the end of 2020, Rapido.com will be available in 30 countries all over the world, and Recharge.com plans to become the alternative for money transfer by offering more household utility credits like energy, Wi-Fi and satellite TV.”
“We believe that Creative Group represents an attractive and largely untapped opportunity,” said Prime Ventures Partner Pieter Welten. “We envision that the market for the personal use of digital vouchers, prepaid solutions and recharge services will continue to grow. We are impressed by the company’s performance to date, despite their limited resources, and we are convinced they will grow significantly in the coming years.”