Satispay secures €93mn in Series C funding led by Square, Tencent

By Megha Bhattacharya

Italian FinTech Satispay has announced a €93 million Series C funding round co-led by American FinTech Square Inc, Tencent, LGT Lightstone and TIM Ventures. The funding round consisted of €68 million of newly issued primary shares and approximately €25 million secondary shares purchased from existing investors. The company has now reached a total of €110 million in primary capital raised since its inception in 2013.

According to Satispay, the round is expected to help it in accelerating international expansion as well as strengthen its position in Italy. The FinTech has reached over 1.3 million consumers and 130 thousand merchants in Italy.

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.

The company said in its press release, “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.”

Satispay is a “bank account enabled” mobile payment platform that is independent of debit and credit card networks. The consumer app is available for anybody with a bank account, while merchants both online and offline can accept payments using any device and POS.