German Fintech Start-up re:cap Raises $111.5M in Seed Round
Berlin-based fintech start-up re:cap has announced the successful closing of a USD 111.5 million seed funding round, which is made up of a combination of growth capital and liquidity for its platform.
According to the official press release, the growth capital has come from Felix Capital, Project A Ventures, and existing investor Entrée Capital. The fintech will utilise the new capital to further expand its team and products and enter new markets from its launch base of Germany.
Let's recall that the company raised $1.5 million in a pre-seed funding round in May this year and has since grown its team to 15 employees, featuring former execs from Google, Solarisbank, N26 and NIBC. Initially focused on SaaS businesses, it has plans to move into other verticals.
re:cap says its platform is now officially launching and the first set of customers have received financing terms. Its offering allows recurring revenue businesses to boost their growth without any dilution or taking on debt.
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