Satispay announced a C-series round of financing of around 93 million euros, 68 million of which were capital resulting from the purchase of newly issued shares and 25 million from the purchase of shares under previous investors.
The funds raised will support the growth of Satispay in the domestic market, where the app currently has more than 1.3 million users and more than 130,000 exhibitors, but also expansion in Europe, starting from the countries in which it has already entered, Luxembourg and Germany.
In a year characterized by the pandemic Satispay has seen a strong increase in the registration and use of the services of the app, reaching to count almost 450,000 new users and 35,000 new exhibitors affiliated to the network in the first ten months of 2020, including brand
In the first ten months of 2020, some 21.5 million payments were recorded, with a total value of 400 million, up 78% compared to the same period in 2019.
Proximity ecommerce target
These are numbers that push Satispay to aim to become the reference point, the main means for digital payments in Italy, first, and subsequently in Europe, by direct admission of the CEO and co-founder of the fintech, Alberto
For the CEO it is clear how strategic and opportunities the market we move in. All over the world, those who successfully propose new payment models seem to move along a common thread. The same that has traced the growth of Satispay and on which we will continue to work: develop around the payment value-added services that can be for users and exhibitors • also small and independent •
The capital increase transaction will be submitted to the approval of the Shareholders’ Meeting convened on Friday 20 November. The formal closing of the transaction, within the terms of the decision, is expected by the end of the year.
Adding this new round of series C to the 42 million of the previous rounds of series A and B, signed by business angels and industrial and international investors, Satispay reaches a total of 110 million investments collected since birth in 2013.
The transaction has a pre-money valuation of 180 million, which brings the value of the post-investment company to 248 million.
An international round that sees the entry of important players starting from the Italian TIM Ventures, TIM’s corporate venture capital, passing through Square, Inc., American fintech industry leader led by Jack Dorsey (founder and CE Alongside these actors, as always, the large group of investors and angel investors who continue to follow and support the Satispay project for years now.
An investment round that went beyond the initial goal of raising 50 million, and significant especially for the involved actors who have found space also thanks to the willingness to give up their shares of members like ICCREA, which has accompanied the Company up to here.
The entry of TIM Ventures, alongside Square, Tencent and LGT Lightstone, among the largest global tech investors who for the first time invest in an Italian company, confirms an important and positive trend on European fintech,