Founders and CFOs now face challenges in funding and managing growth amid rising interest rates, valuation pressures, and heightened investor scrutiny. Traditional banks typically refuse to lend to unprofitable startups. At the same time, venture debt is generally reserved for later-stage companies and often includes terms that result in dilution or loss of control. re:cap, a Berlin-based fintech, addresses these challenges through its Capital Operating System (Capital OS).
This platform offers flexible, non-dilutive debt funding to tech companies with a minimum of €1 million in annual recurring revenue (ARR). It also provides real-time capital planning and liquidity management tools, giving founders and CFOs complete control over how capital is raised, deployed, and tracked. By integrating funding and financial management into a single solution, re:cap enables companies to forecast their needs and automate processes for maximum efficiency.
As Paul Becker, CEO and co-founder of re:cap, explains: “With our funding product, we’re solving the challenge that tech companies so far would mostly use equity funding to fund their growth. This is a very costly capital source, as it comes with dilution and loss of control. Traditional banks rarely lend to unprofitable tech companies, and venture debt is usually only available for later-stage companies (and often comes with dilution/loss of control as well). With re:cap, tech companies starting from roughly 1m ARR get a flexible, tailored and transparent option to receive growth capital.”
In July 2025, re:cap announced its expansion into the UK, supported by a new €125 million credit facility for onward lending, backed by HSBC Innovation Banking UK and Avellinia Capital. This expansion enables re:cap to offer UK tech companies access to flexible, non-dilutive capital and advanced financial planning tools.
Why tech needs a more innovative solution
re:cap was founded by Paul Becker (CEO) and Jonas Tebbe (CPO), both of whom previously co-founded LIQID, a leading European wealth tech platform, and the fintech consultancy &do. Their partnership dates back to their university days, and they even lived together at one point, which has contributed to their strong working relationship.
The idea for re:cap emerged when Paul and Jonas were consulting for a private equity firm on digital due diligence. Paul Becker recalls, “While building a prototype for this, we discovered that it would make a lot of sense to add a funding product to this type of business analysis. Out of this, the business model of re:cap evolved.”
Initially, re:cap entered the market as a revenue-based financing (RBF) provider in 2022 and quickly gained traction. Recognising the need for more sustainable solutions, the company pivoted from short-term RBF to a long-term financing product in partnership with HSBC Innovation Banking.
Today, re:cap operates as a true Capital Operating System, enabling tech companies to access and manage capital through a unified platform that includes long-term debt funding and software tools for analysing and predicting cash flow, as well as automating financial processes.
The company’s mission is to empower tech companies to manage and scale their capital efficiently, reducing dependency on equity and traditional lending. Its vision is to become the single system of record for founders and CFOs, uniting capital, planning, and execution on a single platform across Europe.
Inside Capital OS: How re:cap stands out in a crowded market
re:cap’s technology centres on its Capital OS, which integrates flexible debt, real-time liquidity management, and capital planning in a single solution. The software suite enables companies to analyse and predict cash flow, automate financial processes, and manage liquidity more efficiently.
One of re:cap’s unique selling points is its ability to provide non-dilutive capital, allowing tech companies to grow without giving up equity. The platform serves startups and growth-stage tech businesses with at least €1 million in ARR. re:cap is also one of the few revenue-based financing providers from the 2021/2022 cohort to survive and thrive, maintaining a spotless lending portfolio and serving hundreds of companies with zero defaults and strong institutional backing.
Paul Becker highlights the company’s approach: “We believe that only by having very close control of your capital, being able to forecast your financial needs precisely and then being able to fill them smartly and flexibly, you get to the most efficient way of building your tech company.”
In terms of competition, re:cap stands out as the only platform offering both capital access and management in one unified solution. On the funding side, competitors include Gilion and traditional venture debt providers. On the software side, liquidity management platforms like Agicap are comparable. However, re:cap’s integrated approach and proven track record provide a clear differentiation.
Who uses re:cap and how they benefit
re:cap targets tech companies with recurring revenues, such as SaaS businesses, typically with annual recurring revenues between €1 million and €15 million. These companies are often not yet profitable but have achieved product-market fit and are progressing toward profitability. re:cap currently serves clients in Germany, the Netherlands, and the UK.
Companies use re:cap to build a flexible cash buffer and finance their path to profitability without further equity dilution. Clients also leverage re:cap’s debt funding for mergers and acquisitions, to boost sales and marketing, support expansion initiatives, or postpone equity rounds until they can secure better terms. On the software side, the platform enables real-time cash flow tracking, comprehensive cash position overviews, and forecasting of future liquidity needs.
Funding, monetisation, and what’s next
Since its founding, re:cap has raised a total of $31 million, including $1.5 million in pre-seed funding, $15 million in seed funding, and $14.5 million in a Series A round. The company is backed by prominent investors, including Entrée Capital, Felix Capital, Project A, and Mubadala Capital. re:cap monetises its platform by charging fees for both funding and software services. As a Series A-stage company, re:cap is not yet profitable and does not disclose revenue numbers.
Looking ahead, re:cap plans to strengthen its Capital OS by adding new features to its liquidity analysis product and bringing all offerings closer together to create more substantial synergies across the platform. The company will continue its geographic expansion across Europe, targeting additional tech hubs beyond Germany, the Netherlands, and the UK. re:cap also aims to integrate deeper analytics and planning features, to become the go-to capital management system for founders and CFOs seeking data-driven, non-dilutive funding solutions.
re:cap’s vision is to lead the shift from equity dependency to smarter, data-driven finance for the digital economy, empowering tech companies to scale efficiently and sustainably.
