Italian unicorn Satispay has raised €60 million as it surpasses the milestone of five million users.
The cash was generated by existing shareholders Addition, Greyhound and Lightrock and brings total funds raised to over half a billion euros.
Satispay's mobile payment service provides an alternative to credit and debit cards, offering merchants a cost-effective model with no activation or monthly fees and only a flat fee of 20 cents for payments over €10. Headquartered in Milan, the company now has around 650 employees.
The funding follows a period of sustained growth for the firm, which has boosted its merchant network to 380,000 and entered the employee benefits market with the launch of corporate meal vouchers. Satispay and its investors see further opportunities for expansion in the welfara sector having reached reached over 12,000 client companies and surpassed 50,000 users in this segment.
The company also plans to further diversify its business with the upcoming launch of an investment service offfering.
Alberto Dalmasso, co-founder and CEO of Satispay, comments: "Based on our analysis of the results achieved with a portion of the raised funds, they are now providing us with even more fuel to push harder on the growth accelerator. Being able to do this by raising funds earlier and in excess of what was strictly necessary, especially in a market context affected by sudden geopolitical shifts and a more challenging venture capital landscape due to interest rate trends, is a great privilege.”