Italian mobile payments outfit Satispay has raised €93 million in funding from a share sale to a clutch of international investors, including Square, Tencent, LGT LIghtsone and TIM Ventures.
The round consists of €68M of newly issued primary shares and approximately €25M secondary shares purchased from existing investors.
Satispay has now reached a total of €110M in primary capital raised since its inception in 2013.
The company - Italy's leading provider of mobile payment services at the POS with an annual transaction volume of €344 million from 1.3 million users - plans to use the new financial resources to fuel its European expansion.
Alberto Dalmasso, co-founder and CEO, says increasing the size of its business development team in Luxembourg - currently one of the key markets - is high on Satispay’s agenda.
"We believe this new funding round will give us the extra boost we need in Luxembourg. In just a few months Satispay has already succeeded to convince thousands of consumers and two hundred merchants to use Satispay. This is just the beginning. The team in Luxembourg is growing and will grow even more in the next months. We are developing new services and features with the aim to significantly increase our consumer and merchant base during 2021.”
During the first ten months of the year, Satispay processed about 21,5 million transactions accounting for €400M 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 this year, including tier-1 retailers like Carrefour, Auchan, Autogrill and KFC.
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