Coda, a digital content monetization firm in Singapore, has signed a definitive agreement to acquire Recharge, Europe’s prepaid payments platform.
The transaction brings together two profitable regional leaders with scaled businesses, complementary strengths and a shared ambition to lead the future of global digital distribution and monetization. It’s a sign that the direct-to-consumer competition is heating up as rivals take advantage of antitrust rulings against big mobile platforms.
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 Amsterdam-based 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 $1.75 billion in sales, served over 200 million customers, and operated in upwards of 180 markets — marking a scaled global footprint from day one.
Coda is a trusted monetization partner to the world’s leading mobile gaming and digital content publishers, including Electronic Arts, Activision, Riot Games, HoYoverse, and Moonton. 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 offers consumers better value and more choice. For publishers, Coda simplifies global growth —managing risk, compliance, and customer support as Merchant of Record.
Recharge — a European leader in prepaid digital storefronts like Recharge.com and Startselect.com — strengthens Coda’s B2C scale and reach across Europe. 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. Trusted by over 1,000 global brands — including Apple, Google, Vodafone, and PlayStation — Recharge brings retail strength, relevance, and regional depth.
“We’ve long admired what the Recharge team has built — a profitable, consumer-focused business with top global brands and real depth across Europe,” said Shane Happach, CEO of Coda, in a statement.
Happach said, “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 maximize their revenue — particularly in high-growth, complex markets across Southeast Asia. Recharge adds a powerful direct-to-consumer engine, deep prepaid expertise, and strong brand equity across Europe. 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 monetization.”
“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,” said Günther Vogelpoel, CEO of Recharge, in a statement. “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.”
Vogelpoel added, “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.”
From premium content to prepaid products, this transaction brings together payments expertise, publisher and brand partnerships, and broad consumer reach — opening up real opportunities for cross-sell and deeper market access. With complementary capabilities, wider global coverage, and an expanded catalogue, Coda and Recharge are better positioned to collectively serve the full digital content economy across both B2B and B2C. Together, the combined company will deliver improved value and convenience to partners and consumers worldwide through secure, trusted, and locally relevant monetization and distribution solutions.
The transaction is backed by Apis Partners, Insight Partners, Smash Capital alongside Coda’s other investors. Coda was founded in 2011 and it has 400 people. Coda is backed by Apis Partners, Insight Partners, and Smash Capital.
Recharge is European Leader in digital prepaid payments, seamlessly connecting global brands with their customers through innovative platform solutions. With multi-country digital storefronts like Recharge.com and Startselect.com, Recharge enables users to access prepaid payment products anytime, anywhere. The company also powers B2B digital rewards and incentives, helping businesses acquire, engage, and retain customers.