Fintech Satispay Announces €93M Series C Round

Satispay, the leading Italian fintech startup revolutionizing mobile payments, announces a €93 million Series C round. The round consists of €68M of newly issued primary shares and approximately €25M secondary shares purchased from existing investors.

Photo: Satispay’s co-founders aim to further accelerate the fintech’s growth and internationalization © Satispay

We made you discover this fintech in our columns these last months, the startup officializes a new fundraising in a press release published today. The company’s subsidiary Satispay Europe SA has its headquarters in the Kirchberg area, and member of the LHoFT (see our article Italian digital payment leader satispay enters luxembourg market).

Offering an innovative bank-account enabled mobile payment solution, completely independent from credit/debit card networks, the company plans to use the new financial resources to fuel its European expansion. Increasing the size of its business development team in Luxembourg – currently one of the key markets – is high on Satispay’s agenda.

Upon closing of this round, Satispay has now reached a total of €110M in primary capital raised since its inception in 2013; having already raised €42M from business angels as well as industrial and international investors during the series A and B rounds.

The round was completed at a €180M pre money valuation and hence a €248M post money valuation.

“Our goal is to develop a whole world of value-added payment services that can help both users and merchants, big and small.”

The new funding round is co-led by Square, Inc. – a leading American fintech company, Tencent – a leading global internet company, and 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 €50M, 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 21,5M 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 in the first 10 months of 2020, including tier-1 retailers like Carrefour, Auchan, Autogrill and KFC.

The international scope of the operation and the importance of the players involved also sends a strong message to the whole European Fintech scene and confirms the positive trend the sector finds itself in.

“We are honoured to welcome these new investors that will share with us their amazing experience and support us in our mission to become the new reference in Europe’s payment networks sector,” states Alberto Dalmasso, co-founder and CEO of Satispay. “Our goal is to develop a whole world of value-added payment services that can help both users and merchants, big and small. These services will provide an alternative to benefit from the digital revolution, creating new proximity e-commerce models.”

“The team in Luxembourg is growing and will grow even more in the next months.”

Expansion plans in Luxembourg

This financial round plays a decisive role in the further internationalization of Satispay, giving the company further fuel to accelerate the development and implementation of in-store payment features, which are essential for anchoring new markets and consolidating its position.

In Luxembourg Satispay will increase its business development team to support further growth of the merchant base, Besides that the company also plans to start b2c promotion via targeted marketing campaigns.

Around 200 merchants in Luxembourg have already activated the Satispay service and to provide safe and secure payment to their customers Recently the company also announced it significantly expanded its merchant network in Luxembourg by adding Ferber, Concept+Partners, Manso Group and Paris8  – four large and well-known brands – to the already long list of commercial outlets where people can pay with Satispay.

“We believe this new funding round will give us the extra boost we need in Luxembourg,” says Alberto Dalmasso co-founder and CEO of Satispay. “In just a few months Satispay has already succeeded to convince thousands of consumers and two hundred merchants to use Satispay thanks to its ease of use and it being so intuitive. 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.”

The funding round will be presented to shareholders for their approval during the shareholders meeting on Friday, November 20th. The formal closing of the round is subject to customary closing conditions for such a transaction and is expected to complete by the end of the year.

For this transaction, Jefferies International Limited served as exclusive financial advisor and sole placement agent to Satispay while the internal legal team of the company was advised by Cleary Gottlieb Steen & Hamilton.

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