The Italian mobile payments super network with offices in Luxembourg has raised €320m in Series D, pushing its valuation above the €1b mark.
In a press release published on Wednesday, Satispay said the financing is helping to accelerate its expansion into Europe. The same day, the firm launched the service in some French cities.
Alberto Dalmasso, co-founder and CEO of Satispay, said: “We have a special relationship with Luxembourg. Here, the regulator has granted us the licence to establish electronic money, thanks to which we are currently expanding in Europe. We started in the midst of the pandemic in 2020 and interest from independent businesses and consumers soon followed. Since then, the number of new users and merchants has continued to grow.”
The financing round was led by Addition while Greyhound Capital, which has invested in the firm since 2018, increased its stake in the company.
Other investors since 2021 include Coatue, Lightrock1, Block Inc.2, Tencent and Mediolanum Gestione Fondi SGR.
Satispay was created in Milan in 2013 to accelerate the replacement of cash, credit and debit cards. The independent and secure app enables users to pay in physical stores, online and exchange money with friends while offering a range of services. Since 2013 it has raised more than €450 million. According to Satispay, it has more than 3 million daily users in Italy and 200,000 partner merchants in Italy, Luxembourg, France and Germany.
Lee Fixel of Addition said: “Satispay is revolutionising the world of mobile payments in Europe with a service that allows you to pay in thousands of physical and online stores, but also exchange money between friends, in an efficient and secure way. We are delighted to stand alongside Satispay and support the growth of the teams to grow the community of users and merchants even faster, and thus become the most used payment system in Europe.”
The formal closing of the round is subject to regulatory approvals.