re:cap Valuation, Funding & Investors
re:cap is valued at $115M as of April 2022.
Last re:cap valuation
$115M
Seed · Apr 2022
Last re:cap funding round
$15M
Series A · Jun 2024
Cumulative funding re:cap raised
$131M
across 4 funding rounds
Key investors in re:cap
Entrée Capital
Project A Ventures
Felix Capital
Mubadala
Outrun Ventures
Possible Ventures
About re:cap
re:cap is a financial operations platform integrating debt funding, liquidity management, and treasury services for digital-native companies in Europe. Berlin-headquartered since 2021, it offers API-based tools for automated invoice financing up to €10 million and multi-currency accounts with embedded FX hedging. Clients include fintechs like N26 and e-commerce platforms scaling across Germany and the Netherlands. The platform processes over €1 billion in annual transactions with compliance under BaFin regulation.
Founded
2021
HQ
BerlinWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$115M (Apr 2022)
re:cap Valuation
re:cap is currently valued at $115M, based on its seed round in April 2022.
The $4M round was led by Mubadala.
re:cap valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2022 | Seed | $115M |
re:cap Funding History
re:cap has raised a total of $131M across 4 funding rounds.
re:cap's first fundraising round was a $2M pre-seed round in May 2021. The most recent completed round was a $15M Series A in June 2024.
re:cap funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2024 | Series A | Entrée Capital (lead); Felix Capital; Project A Ventures | $15M | - | re:cap is a Berlin-based financing and data insights company founded in 2021, providing alternative debt financing to tech and services businesses in Germany and the Netherlands. It operates re:cap Institutional, a SaaS platform for institutional investors offering real-time cash flow monitoring and data automation, with early customers including Avellinia Capital and Channel Capital. The company also launched Cash Insights, a cash flow management software for businesses, and partners with HSBC Innovation Banking for long-term debt funding while offering short-term funding products. re:cap raised $14.6 million in a Series A funding round on June 4-5, 2024, led by Entrée Capital with participation from existing investors Felix Capital and Project A. The funds will expand its alternative debt financing business and marketplace, scale its proprietary SaaS platform, and grow the team to around 80 employees by the end of 2025. This follows 24 months of rapid growth, including a 4x increase in deployed funding volume (high double-digit millions) and annual recurring revenue (ARR) over the past year. |
| Apr 2022 | Seed | Mubadala (lead) | $4M | $115M | re:cap is a Berlin-based revenue-based financing startup that enables recurring revenue businesses to convert up to 50% of their Annual Recurring Revenue into instant, non-dilutive upfront cash, while providing institutional investors access to invest directly in those revenues. The platform supports subscription economy companies seeking growth capital matched with investors looking for fixed-income-like products. Since its seed funding announcement and market launch in December 2021, the ARR of companies on its platform has grown into the three-digit million range. re:cap closed an extended seed round on April 11-12, 2022, bringing Mubadala Capital as a new lead investor contributing $3.5 million in equity. The total round reached $115 million, comprising $15 million in equity—including the extension—and $100 million in prior debt funding. Existing investors include Entrée Capital, Felix Capital, and Project A. The new capital supports team expansion, product enhancements such as enabling annual contract trading, and entry into new European markets beyond Germany. re:cap plans to refine its product and pursue international growth within Europe. |
| Dec 2021 | Seed | Felix Capital (lead); Project A Ventures (lead); Entrée Capital | $112M | - | re:cap is a Berlin-based fintech providing non-dilutive funding to recurring revenue businesses, allowing them to convert up to 50% of their Annual Recurring Revenue (ARR) into instant upfront cash without dilution or debt, while enabling institutional investors to access this asset class through a digital platform with automated underwriting. On December 16, 2021, re:cap raised a $111.5 million seed round, comprising growth capital from lead investors Felix Capital and Project A Ventures, plus participation from Entrée Capital, and liquidity for its financing platform. This followed a €1.3 million pre-seed in May 2021, marking one of Europe's largest seed rounds for fintechs at launch. The funds supported team expansion (to 15 employees with alumni from Google, Solarisbank, N26, NIBC), product development, entry into new European markets beyond Germany, and initial focus on SaaS before other verticals. The platform targets subscription economy companies, primarily SaaS and tech firms, using API integrations for rapid financial assessment (within 48 hours) and evolving terms based on performance. Founders Paul Becker (CEO) and Jonas Tebbe (CPO) previously built LIQID fintech. Investors praised the team's execution speed and technology standards. By April 2022, re:cap extended its seed to $115 million with Mubadala Capital, noting platform client ARR growth into three-digit millions since December 2021 launch. Subsequent developments included a Netherlands launch (June 2022), UK entry with €125M facility, and a June 2024 Series A of $14.6M (€13.5M) led by Entrée Capital with Felix Capital and Project A participation. This funded scaling of alternative debt financing, re:cap Institutional (investor SaaS for cash flow monitoring, used by Avellinia Capital, Channel Capital), Cash Insights software, and partnerships like HSBC Innovation Banking for long-term debt. The Series A followed 4x growth in deployed funding volume and ARR over the prior year. |
| May 2021 | Pre-seed | Entrée Capital (lead); Jan Beckers; Perry Blacher; Possible Ventures; Simon Leicht; Chris Hitchen; Mark Ransford; Jens Lapinski; Ramin Niroumand; Outrun Ventures | $2M | - | - |
Who has invested in re:cap?
13 investors have backed re:cap across its funding rounds, including Entrée Capital, Project A Ventures, Felix Capital, Mubadala, Outrun Ventures and Possible Ventures.
Lead investors include Entrée Capital, Mubadala, Felix Capital and Project A Ventures.
re:cap Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Tel Aviv | 3 | Lead | May 2021 | |
 London | 2 | Lead | Dec 2021 | |
| Berlin | 2 | Lead | Dec 2021 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Jan Beckers | Berlin | 1 | Participant | May 2021 |
| London | 1 | Participant | May 2021 | |
| Munich | 1 | Participant | May 2021 | |
| Simon Leicht | Munich | 1 | Participant | May 2021 |
| Chris Hitchen | Munich | 1 | Participant | May 2021 |
| Mark Ransford | London | 1 | Participant | May 2021 |
 Abu Dhabi | 1 | Lead | Apr 2022 | |
| Berlin | 1 | Participant | May 2021 | |
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Start Free Trialre:cap Competitors
re:cap competitors include listed companies like Arab Sea and Serko, and private ones like Mynt, Every, BHub and Magie.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Stockholm | Private | $2M | - | $181M | - | |
 San Francisco, CA | Private | - | - | $113M | - | |
 São Paulo | Private | - | - | $120M | - | |
| São Paulo | Private | - | - | $120M | - | |
 Saudi Arabia | Publicly listed | $14M | ($608K) | $97M | - | |
 New Zealand | Publicly listed | $69M | $35K | $88M | 0.8x |
re:cap Public Comps
re:cap is still privately-owned, but its public comps include FSA Group, Maroc Leasing, Evolve Royalties, Arab Sea, Finance of America, Maghrebail, Banqup Group, Pioneer Credit, Serko and Delfin.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $5M | ($35M) | 182.5x | - | (24.1x) | - | |||
| $417M | - | 3.1x | - | - | - | |||
| $1M | ($469K) | 96.7x | 22.8x | (214.4x) | 34.3x | |||
| $14M | ($608K) | 7.9x | - | (183.4x) | - | |||
| $412M | $143M | 73.7x | 65.5x | 213.0x | 185.8x | |||
| $443M | - | 3.2x | - | - | - | |||
| $59M | ($14M) | 2.5x | 2.2x | (10.9x) | (29.0x) | |||
| $73M | $36M | 3.1x | 3.2x | 6.3x | 3.9x | |||
This data is available for Pro users. Sign up to see all re:cap competitors and their valuation data. Start Free Trial | ||||||||
Common questions about re:cap
| When was re:cap founded? | re:cap was founded in 2021. |
| Where is re:cap headquartered? | re:cap is headquartered in Berlin, Germany. |
| Is re:cap publicly listed? | No, re:cap is a private, VC-backed company. |
| What is re:cap's valuation? | re:cap was last valued at $115M in its seed round in April 2022. |
| How much funding has re:cap raised? | re:cap has raised $131M across 4 funding rounds. |
| What was re:cap's last funding round? | re:cap's last funding round was a $15M Series A in June 2024, led by Entrée Capital. |
| Who are re:cap's investors? | re:cap's investors include Entrée Capital, Felix Capital, Project A Ventures, Jan Beckers, Perry Blacher, Possible Ventures, Simon Leicht, Chris Hitchen, Mark Ransford, Mubadala and 3 others. |
| Which companies are comparable to re:cap? | Companies comparable to re:cap include Mynt, Every, BHub, Magie, Arab Sea and Serko. |
See companies similar to re:cap
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