Italian fintech startup Satispay raises €93 million funding to accelerate growth
Satispay, an Italian fintech startup revolutionizing mobile payments, has announced a €93 million Series C round. The round consists of €68 million of newly issued primary shares and approximately €25 million secondary shares purchased from existing investors.
Upon closing of this round, Satispay has now reached a total of €110 million in primary capital raised since its inception in 2013; having already raised €42 million from business angels as well as industrial and international investors during the series A and B rounds.
The round was completed at a €180 million pre money valuation.
The new funding round is co-led by Square, Inc. - a leading American fintech company, Tencent - a leading global internet company, LGT Lightstone – the growth equity impact investing arm of LGT Group, the largest family-owned private banking and asset management group in the world, and TIM Ventures - the corporate venture capital arm of Telecom Italia.
The round well exceeded the initial target of €50 million, and will help Satispay to consolidate its leadership position in Italy while also accelerating its international expansion that already started in Luxembourg and Germany, where it is experiencing strong momentum. As regards to Italy, Satispay is enjoying substantial momentum and has now reached over 1.3 million consumers and 130 thousand merchants.
During the first 10 months of the year, Satispay processed about 21,5 million transactions accounting for €400 million in transaction volume, recording a 78% increase against the same period in 2019. In the context of the COVID-19 pandemic Satispay experienced significant growth in consumer and merchant signups and in the usage of in-app services, reaching more than 450,000 new users and 35,000 new affiliated merchants in the first 10 months of 2020.