Coda Unveils New Global Leadership Team After Completing Recharge Acquisition
The merged Coda–Recharge entity posted US$1.75B in 2024 sales, combining Codapay, Codashop, and Europe’s Recharge.com and Startselect into a single global platform.
Singapore-based digital payments firm Coda announced its unified leadership team and board structure in early December following its acquisition of Amsterdam-headquartered Recharge, combining operations into a single global digital commerce platform serving more than 200 million users across 180 markets.
Singapore HQ consolidates Asian and European operations
The restructured executive team retains Shane Happach as CEO while integrating former Recharge executives into senior roles. Fabian Spaargaren joins as EVP B2C and Martine Tiemersma as COO, bringing European consumer brand expertise to Coda's existing B2B payments infrastructure.
The combined entity generated US$1.75 billion in sales during 2024, according to financial disclosures. Coda's existing portfolio includes Codapay for direct payment methods and Codashop for in-game purchases, while Recharge contributes established European consumer sites including Recharge.com and Startselect.
Michael Kent, former Recharge Chairman, assumes the Chairman role at Coda. Former Recharge CEO Günther Vogelpoel becomes a non-executive director. The board includes representatives from Apis Partners, GIC, Insight Partners, and Smash Capital, maintaining investor oversight across the merged operations.
Leighton Cosseboom
European fintech valuations attract Asian buyers
The reported €400 million (~US$430 million) acquisition ranks among the largest 2025 fintech deals involving a Dutch company. European fintech firms trade at 5.2 times enterprise value to revenue compared with 6.4 times in North America, according to industry valuation data.
Asian tech companies directed 31% of overseas acquisitions toward Europe in 2024, targeting distribution networks and regulatory licenses. Recent comparable transactions include JD.com's stake in Ceconomy, the operator of more than 1,000 MediaMarkt and Saturn stores across Europe.
EMEA fintech funding reached US$13.7 billion in the first half of 2025, validating continued investor interest in cross-border payment platforms. Shift4's acquisition of Global Blue, which operates in more than 400,000 European retail and hospitality locations, demonstrated similar strategic logic around merchant network expansion.
Leighton Cosseboom
Retained brand identities to support cross-selling
Coda maintains separate consumer-facing brands, including Recharge.com and Startselect, while centralizing business-to-business operations under a unified corporate infrastructure.
The approach allows partnerships with Apple, Google, and PlayStation to complement Coda's existing Southeast Asian publisher network spanning EA, Activision, and Riot Games.
The leadership team includes Zac Liew as CCO of B2B, Mike Feldkamp as CTO, Abhi Sharma as CFO, Linda Lee as SVP People, and Liz Adam as VP Corporate Affairs. The structure separates consumer brand management from enterprise payment infrastructure, reflecting different operational requirements across business lines.
Kent emphasized continuity in the integration statement: "Recharge brings complementary capabilities that accelerate our vision."
Coda works with more than 300 publishers and brands across its payment network, offering localized checkout experiences and digital content distribution.
The company did not disclose specific integration timelines or revenue targets for the combined operations.
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