European prepaid payments group snaps up pioneering Bristol digital rewards firm

Bristol-based digital rewards platform Giftcloud has been acquired by a leader in the European prepaid payments sector as it targets further growth in the UK.

Recharge, which is headquartered in Amsterdam, said its takeover of Giftcloud from its US owner was part of its strategy to build the global leader in prepaid payments serving both consumers and businesses.

Giftcloud helps businesses engage, acquire and retain customers through branded prepaid incentives. It handles millions of transactions a year.

Its platform enables fully branded, digital campaigns that support marketing and employee engagement strategies for some of the UK’s best-known companies, including Vodafone, Sky and TalkTalk.

Giftcloud, the UK’s first entirely digital gifting app and website, along with sister company Vouchercloud, grew rapidly from their Bristol base before being snapped up in 2018 by Chicago-based global e-commerce giant Groupon in a deal worth £47.2m.

Recharge will use its takeover of Giftcloud to expand its footprint in the UK, its third-largest market, and will now look to further grow across Europe.

The deal, financial details of which have not been disclosed, is Recharge’s second recent key acquisition, following the purchase of Startselect, the digital gift and gaming card firm.

Günther Vogelpoel, CEO of Recharge, said: “This move is a deliberate step into B2B.

“We see huge potential for prepaid in customer acquisition, loyalty, and employee engagement. Giftcloud gives us a foundation to grow that proposition further in the UK and across Europe—backed by Recharge’s digital infrastructure and partnership.”

Groupon’s CEO Dusan Senkypl, adds, “We’re proud to have found a strong new home for Giftcloud within the Recharge Group. Giftcloud has always played a valuable role in helping brands engage their customers through digital rewards. We’re excited to see the platform continue to grow as part of a business that is fully focused on prepaid and digital innovation.”

Founded in 2010, Recharge is a global prepaid payments platform offering an all-in-one digital solution.

It connects brands and consumers through secure and scalable distribution of more than16,000 products, including gift cards and prepaid solutions.

The platform helps businesses access new revenue streams while giving consumers financial control and flexibility.